Annual Report 2024
2
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
LETTER FROM OUR CEO 5
Trusted partner 6
ESG 6
Market outlook 6
Goals in 2025 6
PERFORMANCE HIGHLIGHTS 7
Financial highlights 8
ESG highlights 9
Highlights 2024 10
REPORT FROM OUR BOARD OF
DIRECTORS 11
Section A: Our structure and financials 13
About Crayon 14
Financial and business review 23
Corporate governance 27
Section B: Sustainability statements 37
About the sustainability statements 38
ESRS 2 General information 40
Environment 54
Social 72
Governance 101
ESRS Content index 115
Signatures from the Board and the CEO 118
FINANCIAL STATEMENTS 119
Consolidated financial statements 121
Consolidated statement of profit or
loss and other comprehensive income 121
Consolidated statement of financial
position as of December 31 122
Consolidated statement of cash flows 123
Consolidated statement of changes
in equity 124
Notes to consolidated financial
statements 125
Financial statements 155
Statement of income 1.1 - 31.12 155
Balance sheet as of 31.12 156
Cash flow statement 157
Notes to financial statements 158
Responsibility statement
from the board of directors 162
Auditor’s report 163
Sustainability limited assurance report 166
Alternative performance measures 168
PART ONE
PART TWO
PART THREE
PART FOUR
CONTENTS
3
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
This is Crayon’s first-ever fully integrated
annual report, combining comprehensive
financial and ESG data. Previously, we
published separate annual and ESG reports.
However, for the reporting period from 1
January 2024 to 31 December 2024, and in
future years, integrated reporting will be our
new norm.
The changes to our public disclosures are driven by
the requirement to comply with recent regulatory
developments. As a publicly listed company
headquartered in Norway, Crayon is subject to the
European Union’s Corporate Sustainability Reporting
Directive (CSRD) and its delegated acts, the European
Sustainability Reporting Standards (ESRS). CSRD has
been transposed into the Norwegian Accounting Act
section 2-3 and other legislation applicable to Crayon.
Note on integrated reporting in 2024
Report profile
• Publication date: April 2025
• Reporting period: 1 January 2024 to 31
December 2024, Crayon’s financial year.
• Geographic scope: Our annual report
is global in scope and applies to all our
subsidiaries and entities in the 46 countries
in which we operate.
Questions or comments on the 2024 Annual
Report can be sent to:
ir@crayon.com; or esg@crayon.com
Additional information about Crayon
To view more reports and materials from
Crayon, visit our Investor Relations and ESG
pages on our global corporate website. For
example:
• In our annual remuneration report, you
will get a transparent and comprehensive
overview of the remuneration of our board
of directors and executive management
team.
• In our annual human rights transparency
statement, you will gain insight into our labor
and human rights due diligence activities
and efforts to comply with the Norwegian
Transparency Act.
Key changes to the structure and content of our
annual report include:
• Reshaping the report from our board of directors in
accordance with regulatory requirements without
compromising coherence and consistency with the
rest of the annual report.
• Introducing a new section called Sustainability
statements situated inside the report from our
board of directors.
• Weaving salient ESG content into the report to
reflect true integration.
2024
Crayon’s ESG and annual reports
merged into a single publication
Detailed financial and ESG
disclosures
Full implementation of the
Norwegian Accounting Act
and CSRD requirements in the
integrated annual report
2002
Crayon’s first annual report
Financial and business
performance
2021
Crayon’s first stand-alone ESG report
Sustainability performance
2023
EU Taxonomy reporting included
as an annex in the ESG report
2003 – 2023 annual report published each year
2022 – 2023 ESG report published each year
5
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Letter from our CEO
Dear Shareholders,
Looking back at 2024, I am proud to share
the highlights of Crayon’s achievements.
Our unwavering commitment to innovation
and customer-centric solutions fortified
our market position and propelled us to
new heights. In addition to our strong
Microsoft partnership, our new distribution
partnerships with AWS and Broadcom,
combined with our delivery of AI and
cybersecurity solutions, boosted our global
footprint and strengthened our competitive
position.
Overall, I am pleased that we delivered significant
profitable growth with a gross profit of NOK 6,283
million, up 11 percent from 2023. Increasing our
footprint in Europe has been key to our growth
strategy, and I am pleased to see that we are
delivering as promised, with a total growth of
24 percent. Our adjusted EBITDA increased with
NOK 255m, reflecting a margin of 19%, a strong
improvement from 2023. Furthermore, we delivered
a strong improvement in working capital. Improving
our working capital and cash flow performance was
a key priority during the year and I’m very pleased to
see that we are delivering on our commitment to our
shareholders, while staying true to our core values
that were established 22 years ago: Integrity, Quality,
Pace, and Agility.
Our recognition as a Leader in the Gartner
®
Magic
Quadrant™ for Software Asset Management
Managed Services underscores our commitment to
providing top-tier solutions that drive value for our
customers and partners globally. Being awarded the
Global Microsoft Partner for Scale Solutions (LSP)
and the AWS Industry Partner of the Year for Telco in
EMEA demonstrates our dedication to innovation and
excellence in cloud services. This would not be possible
without our amazing team of more than 4,000
dedicated “Crayonites” across 46 countries.
As we continue our global – and profitable – growth
journey navigating through changing market
dynamics and an increasingly uncertain geopolitical
climate, we remain true to our four go to market
offering:
Software Procurement: We assist customers in
procuring and purchasing software, negotiating
contracts, and ensuring software compliance.
IT Cost Management: We help customers achieve
ROI on their spending across software and cloud with
extensive SAM and FinOps capabilities.
Cloud Services: We aid our customers in adopting
technology and managing their IT estates effectively,
providing expertise in modern work, cybersecurity,
and cloud migration and modernization.
Data and AI Solutions: We deliver innovative solutions
in data platforms, computer vision, language
technologies, and machine learning, enhancing
business efficiency and productivity. In 2024, we
continued to see the rapid acceleration in generative
AI with productivity solutions such as Microsoft 365
Copilot, Google Gemini, and Amazon Q.
6
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Trusted partner
Looking at AI and cybersecurity specifically, we are
the leading E5 company for Microsoft built on our
managed services cybersecurity practice. In these
areas, we made significant strides in 2024, positioning
Crayon as a trusted partner for both the public and
private sectors. Our advanced AI-driven solutions are
designed to enhance operational efficiency, while
our robust cybersecurity measures protect against
emerging threats. For instance, our AI-integrated
cybersecurity solutions have been instrumental in
safeguarding critical infrastructure for public sector
clients, ensuring compliance and security. In the
private sector, our AI capabilities have enabled
businesses to optimize their operations and stay
ahead of the competition. Our total suite of products
and services resulted in scores of new agreements
across our markets in both the public and private
sector.
ESG
In 2024 our environmental, social, and governance
(ESG) program remained on a positive trajectory,
adding value to the business by contributing
to meeting employee, customer and investor
expectations, strengthening our reputation in the
ESG space, and managing regulatory and other risks.
Notably, in 2024 we developed a new global ESG
strategy that was approved by our board of directors.
In line with this strategy, our top three strategic
priorities in 2025 will be greenhouse gas emissions
and climate-related risk, diversity, equity, inclusion
and belonging, and responsible AI.
In tandem, other critical elements of our ESG
strategy will be implemented to develop our ESG
infrastructure. For example, to evolve and strengthen
ESG governance, in 2024 we renamed our Audit
Committee to the Audit and ESG Committee, and
revised its mandate to reflect this broader scope. In
2024 we also participated in ESG-related platforms
such as the United Nations Global Compact, CDP
and Ecovadis. We will continue to participate in these
platforms in future.
Detailed information on our material sustainability-
related impacts, risks and opportunities in 2024,
actions taken, and performance metrics is available in
our sustainability statements.
Market outlook
We continue to see a solid market going into 2025
and expect our four business areas to grow. We
particularly see strong potential in geographies where
we currently have a low market share, such as the
US. We are well positioned to take advantage of the
market opportunities and will continue to increase our
workforce to deliver on our go-to-market strategy.
Microsoft announced a change in partner incentives
in 2024. At the same time, incentives available to
partners are the highest they have ever been. As the
Microsoft Partner of the Year and the fifth largest
global partner, we are well equipped to continue
to deliver based on our strong cloud and service
capability. The incentives and earning opportunities as
a percentage of partner revenue have increased over
time as the company and partner network evolves.
We are confident that these changes will benefit our
growth and align with our strategic goals.
As we navigate the evolving market landscape, it’s
crucial to recognize the impact of political changes on
IT budgets across our markets. Recent developments
highlight the need for increased regulatory
compliance, which can drive up operational costs for
companies in both the public and private sectors.
In the healthcare sector, investments in cybersecurity
and AI-driven compliance tools are becoming
essential. Similarly, education is focusing on digital
accessibility and learning management systems,
while financial services are upgrading anti-money
laundering regulations and data management
systems. The public sector is also adjusting to new
cybersecurity mandates and cloud-first policies.
To stay resilient, companies must prioritize compliance
management solutions, allocate funds for unexpected
expenses, and invest in flexible licensing agreements.
Additionally, staying informed about new funding
programs and establishing strategic partnerships
will help companies secure necessary resources and
diversify our budgets. Crayon will be on our existing
and new customers’ side through all these changes.
Always.
Goals in 2025
Looking ahead, in 2025 we aim to achieve a gross
profit growth of 15-20%, adjusted EBITDA margin
of 19-22% and net working capital of around minus
15%. Our focus will remain on driving growth through
innovation, strategic partnerships, and a relentless
commitment to customer success.
The potential merger with SoftwareOne announced
in December will, if it is completed, represent a
transformative opportunity to enhance our market
position and deliver even greater value to our
stakeholders. A combined company will create a
formidable player in the global technology landscape,
combining two leading global providers of software
and cloud solutions. The strategic rationale for the
transaction is compelling and based on our highly
complementary business offering and geographic
presence. We expect to drive additional growth and
significant value creation for shareholders, with
significant anticipated cost synergies. We believe that
joining forces with SoftwareOne is the right thing to
do for the benefit of all stakeholders and are excited
about our future potential.
As we look ahead, we remain focused on driving
growth through innovation, strategic partnerships,
and a relentless commitment to customer success.
I want to extend my heartfelt gratitude to our
employees, customers, partners, and shareholders for
their unwavering support and dedication. I would like
to take this moment to express my gratitude for being
able to lead a company like Crayon together with
the rest of the leadership team. My more than 4,000
colleagues motivate me to give my best, because I
know and see that they always walk the extra mile for
our customers. Thank you for a wonderful 2024. I am
excited about what 2025 has in store for Crayon and
our industry.
8
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Adjusted EBITDA and margin
NOK millions/Percent
Financial highlights
Revenue
NOK millions
Gross profit
NOK millions
Gross profit by market clusters
NOK millions
11%
Gross profit growth
28%
Adjusted EBITDA growth
19%
Adjusted EBITDA margin
4,182
FTEs
Key figures
(NOK millions)
2024 2023 2022 2021
Revenue 7,012 6,397 5,200 3,659
Gross profit 6,283 5,662 4,496 3,165
EBITDA 1,090 745 751 580
Adjusted EBITDA 1,174 919 839 644
EBIT 753 442 417 405
Net income 267 -159 23 245
Basic earnings per share 2.9 -1.29 0.29 2.59
Adjusted EBITDA margin 18.7% 16.2% 18.7% 20.3%
(NOK millions)
2024 2023 2022 2021
Liquidity reserve 3,518 2,726 1,487 1,992
Net working capital -1,473 -1,121 -121 -463
Leverage ratio (multiple) 0.3 1.2 2.2 1.8
Full time equivalents (FTE) 4,182 4,021 3,447 2,900
For further details see Alternative performance measures.
2024202320222021
6,397
7,012
5,200
3,659
2024202320222021
4,496
3,165
5,662
6,283
2024202320222021
1,174
839
644
919
18.7%18.7%
20.3%
16.2%
Adjusted EBITDA
Adjusted EBITDA margin
2024202320222021
NordicEurope, US, APAC & MEA HQ/Elim
1,516
1,546
103
1,765
2,548
183
2,137
3,145
380
3,603
2,356
324
9
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
ESG highlights
Memberships and scorecards
United Nations Global Compact (UNGC) – Crayon has
been a signatory to the UNGC since 2020. We embrace
its 10 principles which span labor and human rights,
the environment, and anti-corruption.
Ecovadis – We perform well on the Ecovadis
scorecard, an independent rating system of
participating organizations’ ESG performance. Crayon
had an Ecovadis score of 72% in 2024 (2023: 66%)
earning us a silver medal and placing us in the top 15%
of all companies evaluated by Ecovadis (2023: 25%).
CDP – Crayon completes the climate change
question naire of CDP (formerly known as the
Carbon Disclosure Project) each year, disclosing our
greenhouse gas emissions. CDP is an independent
environmental disclosure system used to drive
transparency and action around how organizations
manage their environmental impacts. In 2024, we
achieved a score of B-.
24,721 tons of CO
2
Total Scope 1, 2 and 3
market-based emissions
Environment
B-
Score on CDP climate
change questionnaire
Social
293
Devices recycled or resold
under our sustainable device
management program
Governance
GENDER
32.5% women
67% men
0.5% other
Gender composition
of our workforce
NATIONALITIES
90 nationalities
Represented in
our workforce
AGE
18 – 73 years old
Range in age from youngest
to oldest employee
1 grievance
mechanism
To report integrity-related
concerns, comprising a Trust
desk and whistleblower channel
ISO 14001
Global certification for
our environmental
management system
0 data
breaches
ANNUAL EMPLOYEE
FEEDBACK SURVEY
62%
Survey participation rate
4.13 out of 5
Overall score across
nine categories
ISO 37001
Global certification for our
anti-bribery and corruption
management system
1 United
Nations Report
Featuring Crayon’s
responsible AI practices,
published in September 2024
10
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Highlights 2024
Q1
• Crayon continued its strong momentum in AI, cloud
services, and strategic partnerships, setting the
stage for a transformative year.
• Announced a global partnership with Google,
strengthening Crayon’s ability to guide customers
in adopting Google Cloud’s AI and security
solutions.
• Became an authorized reseller of Kahoot!,
enhancing digital learning experiences in
education.
Q2
• Integrated the Microsoft Azure Marketplace into
Cloud-iQ, streamlining cloud procurement for
partners.
• Launched the 2024/2025 Female Leadership
Program (FLP), empowering women in tech
leadership.
• Launched and completed the first Global
Empowerment Program (GEP).
• Appointed authorized Broadcom Cloud Commerce
Manager (CCM) for VMware Cloud Service
Provider (VCSP) partners in the Asia Pacific region.
• Completed the Crayon and rhipe brand
integration, unifying operations under one brand
across APAC.
• Awarded the 2024 Microsoft Partner Award for
Scale Solutions (LSP), recognizing excellence in
cloud transformation and customer impact.
Q3
• Expanded the Adobe VIP Marketplace in Cloud-iQ,
introducing enhanced self-service features.
• Recognized as Adobe EMEA Best Growth Partner at
the Adobe Partner Event.
• Renewed Azure Expert Managed Services Provider
(AEMSP) status, reinforcing Crayon’s cloud security
and partner excellence.
• Announced a collaboration with AMD to enhance
cloud performance using AMD EPYC™ server
processors.
• Named a Leader in the Gartner Magic Quadrant
for Software Asset Management Managed
Services for the fourth time.
Q4
• Appointed as an AWS Authorized Distributor for
the Nordics, Baltics, and European Economic Area,
expanding AWS expertise across regions.
• Joined the AWS Generative AI Partner Innovation
Alliance, driving AI transformation and customer
adoption of GenAI solutions.
• 10 years of Data & AI excellence: Crayon celebrated
a decade of innovation in AI, helping customers
deploy Generative AI solutions.
• Crayon featured in the United Nations Gen AI for
Global Goals report, highlighting the company's
leadership and innovation in the field of artificial
intelligence (AI).
• Announced the proposed acquisition of Crayon by
SoftwareOne, set to close in Q2 2025, marking a
major industry shift.
• Named AWS EMEA Telco Partner of the Year,
recognizing excellence in cloud solutions for
telecommunications.
12
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
OUR STRUCTURE AND FINANCIALS 13
About Crayon 14
Crayon at a glance 14
Executive management team 15
Our strategy and business model 17
Our approach to sustainability 19
The Crayon share 21
Financial and business review 23
Corporate governance 27
Board of directors 27
Meeting attendance by board and
committee members 31
Statement of corporate governance 33
SUSTAINABILITY STATEMENTS 38
About the sustainability statements 38
ESRS 2 General information 40
Basis for preparation 40
Sustainability governance 42
Value creation through our strategy
and business model 46
Our value chain 47
Double materiality assessment 49
Interests and views of stakeholders 53
Environment 54
E1 Climate change 54
E5 Resource use and circular economy 62
EU Taxonomy 66
Social 72
S1 Own workforce 72
S2 Workers in the value chain 96
Governance 101
G1 Business conduct 101
ESRS Content index 115
SIGNATURES FROM THE BOARD
AND THE CEO 118
Signatures from the Board and the CEO 118
SECTION A
SECTION B
CONTENTS
14
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
OUR STRUCTURE AND FINANCIALS
ABOUT CRAYON
Crayon at a glance
Executive management team
Our strategy and business model
Our approach to sustainability
The Crayon share
Our vision
We believe in the power of technology to
drive the greater good.
INTEGRITY
With our actions we
show integrity and we
are accountable for our
actions and inactions
QUALITY
What we do, we do with
excellence and better
than anyone else
PACE
We are customer
focused and act and
execute with urgency
AGILITY
We innovate through
continuous improvement
and adapt quickly to
change
Our values
Our core values are based on our Nordic heritage.
Our business
Crayon is a customer-centric information technology
(IT) consultancy that enables customers to maximize
their technology investments.
We help customers reduce costs, optimize their soft ware
and cloud, and leverage new opportunities in AI.
Founded in Norway 22 years ago, our international
presence has grown. Today, our key markets are the
Nordics (our largest and most mature), Europe, Asia
Pacific, Middle East, Africa, and the United States.
Crayon Group Holding ASA (Crayon) is a public limited
liability company with global headquarters in Oslo,
Norway. Crayon is listed on the Euronext Oslo Børs
(Oslo Stock Exchange) under the ticker code CRAYN.
Through various subsidiaries, Crayon has an
operational presence in 46 countries worldwide in the
form of sales, consulting, and technical support offices.
7.0 NOK billion
Revenue
59.6 NOK billion
Gross sales
+140,000
Customers from SMEs to large enterprises,
with a high share of public sector
46 countries
Where Crayon is located
4,182 FTEs
Full-time equivalent
employees worldwide
4 Main service offerings
• Software procurement
• IT cost management
• Cloud services
• Data and AI solutions
Crayon at a glance
15
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Brede Huser
Chief Financial Officer
Experience
Brede Huser joined Crayon in
September 2023 as the Chief
Financial Officer. He previously
was the CEO and CFO at Flyr
starting in November 2022 and
before that, he had been Flyr’s
CFO since 2020. Brede has over
15 years of experience from
Norwegian Air Shuttle, including
being a part of the financial
management from 2006 to 2015,
and as the managing director
of Norwegian Reward from 2015
to 2020. In addition, he has 10
years of experience in financial
and consultant positions in Orkla,
Arthur Andersen, and Ernst &
Young.
Education
Brede has a Master of Science in
finance from the BI Norwegian
Business School.
Personal
He is a Norwegian citizen, residing
in Oslo, Norway.
Melissa Mulholland
Chief Executive Officer
Experience
Melissa was appointed as CEO in
March 2021 after joining Crayon in
September 2020 as Chief Services
& Solutions Officer, responsible
for leading the global strategy
to drive long-term customer
success and innovation in the
cloud. An acknowledged global
expert in digital transformation,
Melissa joined the company
after a distinguished 12-year
career at Microsoft where she
led the global strategy and
business development on how
companies can be profitable in
the cloud with an additional focus
on talent development. Prior to
Microsoft, Melissa worked at
Intel Corporation as a Finance
Manager. She has also authored
books focusing on building cloud
businesses.
Current Executive Roles
Melissa currently serves on the
Board of Directors at Techstep
ASA.
Education
Melissa holds a BBA in Finance
from the University of Portland
in Oregon and a MA in Business
Administration and Strategic
Management from Regis
University in Colorado.
Personal
She is an American citizen,
residing in Oslo, Norway.
Gudmundur Adalsteinsson
Chief Revenue Officer
Experience
Gudmundur Adalsteinsson joined
Crayon in 2013 and has since filled
several roles including founding
Crayon Iceland and serving as
vice president of Channel. He
also founded Ice Distribution,
a subsidiary of Crayon. Prior to
Crayon, Gudmundur spent 10
years at Microsoft, where he
worked in Denmark, Iceland, and
New Zealand in different sales
and partner management roles.
Education
Gudmundur holds a bachelor’s
degree from Ecole Hoteliere de
Lausanne.
Personal
He is an Icelandic citizen, residing
in Malmo, Sweden.
Executive management team
ESRS GOV-1 21c
16
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Jon Birger Syvertsen
Chief Operating Officer
Experience
Jon Birger became Crayon's
Chief Operating Officer in 2024
after taking over the role of Chief
Strategy Officer in September
2023. He joined Crayon in March
2018 as CFO. During his tenure
as a CFO in Crayon he built a
global finance organization
and oversaw the expansion of
Crayon into 28 new markets
while also making several large
acquisitions including rhipe in
Australia/APAC, leading to a
4x growth in gross profit and
a 7x growth in EBITDA. Before
joining Crayon, he was the CFO
of Kebony AS, held management/
business development roles
at FMC Health & Nutrition and
Epax AS, and spent five years
as a management consultant at
McKinsey & Company, where he
was a member of the Corporate
Finance practice.
Education
Jon Birger holds a Master of
Science degree in Industrial
Economics and Technology
Management from the
Norwegian University of
Science and Technology (NTNU)
and Universität St. Gallen in
Switzerland.
Personal
He is a Norwegian citizen, residing
in Oslo, Norway.
Bente Liberg
Chief Human Resources Officer
Experience
Bente joined Crayon in March
2002 and has held various
positions in the company,
operating first as Consulting
Manager and then, from 2007,
as Director of HR & Business
Development. In 2010 she was
appointed COO. Bente has 38
years of experience in the IT
industry, including 15 years as
an IT hardware and software
engineer and nine years as a
manager of IT consultants. Since
2022 she has been our CHRO,
focusing on our employees.
Her previous employers include
Netcenter, EDB, and Eterra/
Getronics.
Education
Bente studied at the NKI Computer
College (DPH).
Personal
She is a Norwegian citizen,
residing in Oslo, Norway.
Executive management team (ctd)
17
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our strategy and business model
Crayon’s success and driver for growth is
grounded in one key aspect: Our customer-
first focus. Since our start in 2002, we
differentiated our value proposition to
be a strategic partner and advisor to our
customers. In doing so, we were able to
acquire customers and develop long term
relationships through the trust created.
This has been the foundation of the culture,
mindset, and Crayon success.
Complexity with software has only increased with the
vast expansion of IT providers, emersion of Cloud, and
rapid acceleration of Artificial Intelligence. Crayon
shall continue to be a customer-centric organization,
maximizing ROI on Software and Cloud investments
through our service-led capabilities and AI expertise.
We must integrate our AI capabilities into our tools
to help us gain better insights and understanding of
our customers’ needs, spend patterns, and security
vulnerabilities. In doing so, we will increase the value
we provide to our customers, which is and will always
remain a top priority. In addition, we must continue to
expand our platform capability to offer more vendor
offerings to our partners and customers to meet their
business needs.
To do so, we will focus our efforts on guiding
customers, leveraging our advisory strength combined
with a set of services. Our go-to market offerings will
be comprised of the following key elements:
• Software Procurement: We help customers choose,
acquire, consume and support the software
services that fit their business needs and budget.
As a global leader, we leverage our extensive
expertise to deliver tailored procurement solutions
that meet the diverse needs of our clients. Our
approach combines professional, confident, and
approachable service with a deep understanding
of the software landscape.
• IT Cost Management: We show customers the way
to make the most out of their software and cloud
investments (average 30% IT cost savings). Crayon
provides expert guidance to streamline and control
IT expenses. Our tailored IT cost optimization
services – from software asset management to
FinOps and compliance – empower our clients’
business to achieve efficiency and cost savings in a
dynamic digital environment.
• Cloud Services: We offer expert advice, migration,
management, deployment, and security of
customer IT services, no matter the platform or
technology. Our business cloud solutions and cloud
transformation services are designed to help our
clients navigate the complexities of modern IT
with confidence. Crayon provides clients access
to tailored cloud services that drive efficiency,
foster innovation, and ensure success in a rapidly
evolving digital landscape.
• Data and AI Solutions: We provide cutting-edge
solutions and expertise to help customers harness
the full potential of data and AI. Crayon delivers
tailored AI solutions and AI consulting services
to help businesses gain a competitive edge. Our
team of expert AI consultants specializes in Data
consulting to streamline operations, enhance
decision-making, and drive innovation. Our data-
driven approach empowers you to unlock new
revenue streams, reduce costs, and optimize
efficiency in today’s dynamic landscape.
From a market perspective, it has been our strategic
focus to continue our global expansion efforts with
deepening our presence in our existing markets to
increase our reach and scale.
Crayon has strong strategic relationships with all key
global software vendors. Microsoft is a significant part
of the business, and in 2024 Crayon was recognized
as the global winner Microsoft Scale Solutions (LSP)
Partner of the Year. The winning partner has clearly
differentiated value, demonstrated innovation across
the Microsoft solution portfolio, the ability to drive
customer transformation at scale to drive consumption
and adoption of Microsoft cloud solutions, and
displays a strong Microsoft alliance in the market.
The strategy to expand vendor relationship is reflected
by important milestone achieved during 2024. In May,
Crayon was chosen as an authorized Broadcom Cloud
Commerce Manager (CCM) provider for VMware
Cloud Service Provider (VCSP) partners in the Asia
Pacific region.
In November, Crayon was appointed as AWS
Authorized Distributor for the European Economic
Area, including Switzerland. This important milestone
expands Crayon’s role within the AWS Distribution
Program, building on its successful history as an AWS
Authorized Distributor in India since 2019.
To position ourselves tactically to enhance the value
we deliver to our customers, our current and future
go-to-market offerings increasingly emphasize the
following key elements:
• Drive customer success through cost optimization:
Leverage our unique SAM / SCA capabilities as the
enabler for putting Crayon on the customers’ side
of the table.
18
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Nordic Europe APAC & MEA US
Direct Channel SCE Consulting
Share of Gross Profit
• Grow the Channel business: Realize the market
potential in the channel business to drive growth
and profitability across the markets we are in.
• Manage the Microsoft incentive changes:
Approach changes as a business opportunity for
Crayon, leveraging our core business model and
legacy, and market position.
• Growth on multi-vendor software: Accelerate sales
on multi-vendor software to drive incremental
growth and profitability across regions.
• Scale on Cybersecurity: Growth on Cybersecurity
services through a scalable Microsoft offering.
• Realize the potential from AI driven applications
and custom AI: Realizing the potential in GenAI and
custom AI projects.
• Our people and culture: A continued commitment
to attracting and developing talent in the
organization and continue building on the strong
culture.
• Realise the potential from our ESG initiatives - Our
various ESG initiatives position Crayon as a player
attuned to industry and societal trends. Our existing
ESG-related services and solutions, if scaled up
could also contribute to our go-to-market offerings
and revenue generation.
Our market presence
Crayon’s geographical presence is divided into four
market clusters: the Nordics, Europe, APAC & MEA,
and the US. As a result of increased international
expansion, the international markets have been the
primary driver of gross profit growth over the last
few years and now represents 57% of gross profit in
2024, while the Nordics remains the largest and most
mature market.
Our lines of business
Crayon is divided into four primary business areas:
Software & Cloud Direct, Software & Cloud Channel,
Software & Cloud Economics and Consulting.
Software & Cloud Direct and Software & Cloud
Channel make up the Group’s software license
offering through which Crayon provides customers
with software and cloud infrastructure platforms
developed by global software vendors, such as
Microsoft, Google, and AWS.
Together, these two business areas form the Software
division, which made up 55% of Gross Profit in 2024.
These are two distinct businesses where Crayon in its
Direct business offers licenses directly from vendors
to customers, whereas Channel is the license offering
toward Channel partners, typically hosters and ISVs.
Software and Cloud Economics represents 14% of
Gross Profit and consists of a combination of services,
processes, and tools to optimize customers’ IT
infrastructure and software license spend, ensuring
compliance with the vendors’ terms and conditions
and enabling clients to build in-house Software Asset
Management capabilities.
The Consulting segment represents 28% of Gross Profit
and consists of managed cloud and professional
services and solutions related to infrastructure
consulting, bespoke software deployment, and cloud
migration and deployment.
US
25%
Europe
53%
Nordic
26%
APAC & MEA
21%
Share of Gross Profit
19
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Crayon’s ESG program is dynamic,
demonstrating real and meaningful
progress over time. For detailed information
on our sustainability efforts, including
actions and performance data, please see
the Sustainability statements section.
We use the term environmental, social and
governance (ESG) as the overarching framework
for all sustainability-related activities that position
Crayon as a socially responsible company. Our goal
is to maximize positive impact and minimize negative
impact, across the social, environmental, economic
and governance issues within our purview.
Our wide-ranging ESG initiatives contribute to our
business strategy and business success by helping
to strengthen relationships with existing and
potential customers worldwide, across all our lines
of business. To the extent customers are interested in
our sustainability initiatives, mutual benefits include
customer acquisition and retention for Crayon.
Our ESG initiatives also support employer branding,
contributing to talent attraction and employee
engagement and loyalty. Some of our ESG initiatives
have the co-benefit of enabling us to anticipate and
comply with regulatory requirements, mitigating
the financial and reputational risks associated with
regulatory non-compliance. Investor and business
partner expectations help shape our ESG strategy
and provide opportunities for collaboration, thereby
facilitating stakeholder outreach and engagement.
Our ESG strategy for 2025 – 2030
In December 2024, our board of directors approved
an enhanced ESG strategy designed to propel us into
the future by building on our progress to date.
Our ESG strategy has a five-year window between
2025 and 2030. We believe this is a sufficient
timeframe to achieve results in the more immediate
and foreseeable future, whilst laying a strong
foundation for success beyond 2030.
In terms of roll out and implementation, we will follow
a ‘global framework, local ownership’ model.
Our 16 focus areas are derived primarily from the
material impacts, risks, and opportunities identified
in our 2024 double materiality assessment, as well as
some additional components that emerged through
further internal stakeholder consultations.
The 16 ESG focus areas are segmented into the
following four pillars:
• Pillar I: Environment
• Pillar II: Services and solutions
• Pillar III: Social
• Pillar IV: Governance
Our approach to sustainability
Four pillars, 16 focus areas
Environment
Vision: To protect the planet by being a
responsible steward
1. GHG emissions and climate-related risk
2. E-waste and circular economy
Services & solutions
Vision: To integrate ESG into the services
and solutions we offer customers
3. Tech4Good software and services for
social impact
4. Cloud services and solutions that
minimize carbon footprint
5. ESG software solutions
Social
Vision: To serve and develop people inside
and outside our organization
6. Diversity, equity, inclusion & belonging
7. Employee advocacy, well-being and growth
8. Talent attraction and recruitment practices
9. Employee remuneration and benefits
10. Labor and human rights in the value chain
11. Charitable giving
Governance
Vision: To infuse honest and ethical
conduct into everything we do
12. Business ethics and integrity
13. Data privacy and information security
14. Responsible AI
15. Enterprise risk management
16. Corporate governance
20
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Three strategic priorities in 2025
In order to focus, allocate resources efficiently, and
maximize the chances for success, three of the 16 ESG
focus areas will be prioritized in 2025:
i. Greenhouse gas emissions and
climate-related risks.
ii. Diversity, equity, inclusion and belonging.
iii. Responsible AI.
Concurrently, we will continue to make progress
across the remaining 13 ESG focus areas in 2025 and
beyond.
Underlying ESG infrastructure
Another critical element of our ESG strategy will be
the ongoing development of our foundational ESG
infrastructure such as:
• Evolving our ESG governance and organizational
arrangements to continue to provide effective
leadership at different levels within the
organization.
• Expanding and maturing our ESG-related
communications tools to better reach and engage
different audiences.
• Continuing to participate in ESG-related platforms
and scorecards such as Ecovadis, CDP, and the
United Nations Global Compact.
Our ESG vision and ambition
Crayon aims to be an impactful and
inclusive contributor to the greater good.
We will be an agent for positive change by:
BEING ethical, transparent and
accountable in designing and
implementing our ESG initiatives
ALIGNING our ESG strategy with our
business strategy to ensure ESG is
deeply integrated into our operations
KEEPING abreast of the latest
developments to preserve the
relevance and relatability of our ESG
initiatives
COLLABORATING with the right
stakeholders, internally and
externally, for success
LEARNING from our successes and
failures in the ESG space, in keeping
with our company values of agility,
integrity, pace and quality
Clear vision. Conscious actions. Committed to a better future.
21
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
The Crayon share
Crayon aims to provide value creation
and attractive, long-term return to share-
holders by delivering on its business plan
and maintaining timely and accurate
communications with the capital markets.
The objective of Crayon’s investor relations
is to ensure that the share price accurately
reflects the Company’s value, risk and
growth opportunities.
Communicating with investors and analysts is a high
priority for Crayon Group Holding ASA. The objective
is to ensure fair valuation of the company’s securities
by providing existing and potential investors and
other stakeholders with simultaneous access to
timely, relevant, and up-to-date information about
Crayon. All investor relations activities are conducted
in compliance with relevant rules, regulations and
recommended practices.
The Group publishes quarterly financial results
with live earnings presentations held by senior
management. All reports and presentations are open
to the wider investor community and made available
online at crayon.com/investor-relations.
Share capital and ownership
Crayon’s share is listed on Oslo Børs (the Oslo Stock
Exchange) under the ticker code CRAYN. As of
December 31, 2024, the share capital in the company
was NOK 89,574,924, divided into 89,574,924 shares,
each with a nominal value of NOK 1.00. Crayon has
one share class, and each share carries a right to one
vote.
As of December 31, 2024, Crayon had 5 960 private
and institutional investors, of which approximately
53% Norwegian, 14% from the United States, and 9%
from Sweden. The remaining 24% were spread across
various international markets.
The share capital did not increase in 2024.
Share performance
At year-end, the share price was NOK 124.80,
corresponding to a market capitalization of NOK
11.2bn. The highest share price achieved was NOK
137.70 in December, while the lowest price of NOK
69.20 was recorded in April. Total return on the share
in 2024 was 47%.
Employee Stock Purchase Plan
Crayon Group Holding ASA has established an
Employee Stock Purchase Plan (ESPP) through which
all employees annually are given an opportunity to
acquire stocks at a 20% discount to the market price.
After a two-year lock-up period, employees are
awarded one additional bonus share for every three
shares acquired.
22
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Shareholders
Name Shares Ownership (%)
Folketrygdfondet
9,281,584 10.4%
Karbon Invest AS
4,800,000 5.4%
The Bank of New York Mellon
3,978,759 4.4%
Verdipapirfondet DNB Norge
2,887,562 3.2%
State Street Bank and Trust Comp
2,730,760 3.0%
VPF DNB AM Norske aksjer
2,520,343 2.8%
UBS Switzerland AG
2,499,486 2.8%
The Bank of New York Mellon SA/NV
2,474,258 2.8%
Hvaler Invest AS
1,921,112 2.1%
Nordnet Bank AB
1,818,065 2.0%
Ten largest shareholders 34,911,929 39.0%
Other shareholders 54,662,995 61.0%
Total 89,574,924 100%
Financial calendar
Annual general meeting May 7, 2025
Q1 2025 report May 21, 2025
Q2 2025 report August 27, 2025
Q3 2025 report November 5, 2025
Q4 2025 report February 11, 2026
Ownership structure
Number of
shares held
Number of
shareholders
Total number
of shares
Proportion of
share capital
1–1,000 4,506 1,034,980 1.16%
1,001–10,000 1,080 3,467,936 3.87%
10,001–100,000 260 8,136,355 9.08%
100,001–500,000 79 18,415,430 20.56%
500 001– 35 58,520,223 65.33%
Analyst coverage
Company Analyst Phone Email
ABG Sundal Collier Øystein Elton Lodgaard +47 22 01 61 40 oystein.lodgaard@abgsc.no
Arctic Securities Kristian Spetalen +47 95 10 08 87 kristian.spetalen@arctic.com
BNP Paribas Exane Martin Jungfleisch +49 69 4272 97328 martin.jungfleisch@exanebnpparibas.com
DNB Markets Christoffer Wang Bjørnsen +47 24 16 91 43 christoffer.wang.bjornsen@dnb.no
SpareBank 1 Markets Petter Kongslie +47 24 14 74 96 petter.kongslie@sb1markets.no
SEB Markus Heiberg +47 21 00 85 22 markus.heiberg@seb.no
Pareto Securities Olav Rødevand +47 22 87 87 30 olav.rodevand@paretosec.com
Kepler Håkon Nelson +4723 13 90 76 hnelson@keplercheuvreux.com
Share price and OSEBX
Index
1
development 2024
Share price development since IPO
743%
Return on investments since IPO
5,960
Number of shareholders
Geographical shareholder distribution
Norway (53%)
United States (14%)
Sweden (9%)
Ireland (5%)
France (5%)
Other (13%)
0
50
100
150
200
250
08.11.2017 31.12.2024
60
90
120
150
Share price OSEBX Index
Januar – December
23
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
OUR STRUCTURE AND FINANCIALS
FINANCIAL AND
BUSINESS REVIEW
Summary
2024 marked another year with strong financial
performance. During 2024, Crayon has been focusing
on three key financial metrics, continued strong
growth, improved profitability and improved working
capital.
In 2024, Crayon grew in Gross Profit by 11%, from 5.7bn
to 6.3bn. A solid performance despite being negatively
impacted by both the marked dynamics in the Direct
business as market participants adapted to the
incentive changes, as well as what remains a cautious
consulting market in the Nordics. Adjusted EBITDA
1
ended at NOK 1.2bn, an increase of 28% compared
to the prior year, while Adjusted EBITDA margin
1
ended at 18.7%, a solid improvement compared to the
previous year. The improvement is driven by increased
scale in the international businesses and a strong
improvement in the Consulting business. Improving
net working capital was a key focus area during the
year and Crayon delivered a strong improvement in
all four quarters of the year.
The company continued to invest in new tech
resources during the year, adding a total of 161 new
FTEs. FTE growth was limited as the company focused
on improving utilization and thereby profitability
in the Consulting business which led to headcount
reductions.
Market environment
The IT sector in 2024 experienced a mixed
performance, shaped by high interest rates, cost-
conscious enterprise spending, and continued
geopolitical uncertainties. While demand for cloud
services, cybersecurity, and AI-driven solutions
remained strong, IT budgets were under pressure
as companies prioritized cost efficiency. The
enterprise software market saw moderate growth,
with organizations focusing on optimizing existing
cloud and SaaS investments rather than aggressively
expanding.
The rapid adoption of AI-powered automation helped
companies improve productivity, leading to strong
growth for AI-driven software and infrastructure
providers. The cybersecurity market also expanded
as businesses sought to mitigate rising cyber threats.
However, IT service providers and consultancies faced
challenges as clients delayed or downsized projects to
control costs.
The Value Added Reseller industry is undergoing
a significant transformation driven by Microsoft's
evolving incentive structures for enterprise customers.
This shift further increases the urgency for partners
to transition towards Cloud Solution Provider (CSP)
models and the emphasis on software services has
never been greater.
Crayon’s strength lies in its Cloud IQ capabilities
and CSP expertise, which, when combined with
automation and software services, position the
company to thrive in this evolving landscape. By
focusing on cost optimization and efficiency—doing
more with less—Crayon can capitalize on these
shifting market dynamics and maintain its competitive
edge.
Business areas and market clusters
Crayon’s geographical presence is divided into four
market clusters: the Nordics, Europe, APAC & MEA,
and the US.
During 2024, all markets continued to deliver growth
and all improved their adjusted EBITDA.
In the Nordics, Gross Profit grew 10% to NOK
2.4bn, while adjusted EBITDA ended at NOK 740m,
reflecting a margin of 31%. This is an improvement of
1 percentage point compared to 2023. The improved
profitability was primarily driven by improvement
in the Consulting business. In Q1 2024, the company
took actions to improve the profitability and reduced
headcounts to align demand and supply.
Europe continued its strong performance and grew
24%. The strong growth was driven in particular by
the Direct and Consulting businesses growing 22%
and 62% respectively. Growth in the Channel business
ended at 1%, negatively impacted by the change in the
Broadcom distribution agreement. Adjusted EBITDA
grew NOK 49m to NOK 203m, driven by increased
scale in software and cloud as well as stronger
profitability in the Consulting business.
Gross Profit in APAC & MEA grew 10%. There was
strong improvement in the Channel business, which
grew 13% compared to only 4% in 2023. Adjusted
EBITDA margin improved from 14% in 2023 to 18% in
2024. Margin improvement was driven by increased
scale and improvement in the Channel business.
Growth in the US ended at 7%. The performance in the
US was somewhat mixed. Our subsidiary Anglepoint,
which is reported under our Software and Cloud
economics business continued its strong performance
and grew 13%. Both Software and Cloud Direct and
Channel growth were muted at 4% and minus 7%
respectively.
Crayon is divided into four primary business areas:
Software & Cloud Direct, Software & Cloud Channel,
Software & Cloud Economics and Consulting.
In 2024, Software and Cloud Direct Gross Profit grew
17%, driven by strong performance in the Nordics
Financial and business review
1
See page 168 for details on Alternative performance measures
24
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
and Europe. While the performance was solid in a
somewhat challenging market, the growth was also
impacted negatively by an unexpected change in the
market dynamic for Microsoft enterprise agreements
in the 4th quarter, largely as the market had to adopt
to the changes in Microsoft incentive programs.
Adjusted EBITDA margin increased from 48% in 2023
to 52% in 2024.
Software and Cloud Channel grew 11% in 2024. Growth
remained solid in the Nordics, while Europe was
negatively impacted by the changes in the Broadcom
distribution agreements and grew only 1%. Channel
business in APAC&MEA improved and grew 13% while
Channel in the US declined 7%. Adjusted EBITDA
ended at NOK 757m, an improvement of NOK 189m
compared to 2023. Adjusted EBITDA margin ended at
64%, a strong improvement compared to 54% in 2023.
Software and Cloud Economics grew 14%, impacted
by weaker marked demand in both the Nordics and
Europe. Adjusted EBITDA margin declined from 9% in
the prior year to 6% in 2024.
Growth in Consulting ended at 7%, impacted by a
negative 1% growth in the Nordics as the market
remained cautious during the year. Europe grew 62%,
reflecting the investments in consulting capabilities
in the region. Adjusted EBITDA improved significantly
from 1% in 2023 to 8% in 2024, in line with the plan the
company set out at the beginning of the year.
Financial summary
(Amounts in parentheses refer to fiscal year 2023
results)
Crayon Group revenue increased 10% in 2024, ending
at NOK 7,012m. Europe contributed most growing 27%
to NOK 1,771m. The Nordic market remains the largest
and cornerstone of the business and continued its
good performance with 7% revenue growth to NOK
2,814m. APAC and MEA grow 7% to NOK 1,865m and
the US grow 6% to NOK 766m. Crayon continues to
increase its investment and effort in the international
market as a key building block for relentless growth
and scaling of the business.
Profit or Loss
In 2024, revenue reached NOK 7,012m (NOK 6,397m).
Adj. EBITDA was NOK 1,174m (NOK 919m), up 28% from
2023. The resulting Adj. EBITDA margin was 18.7%
(16.2%). Nordics remains the most profitable market
cluster with EBITDA margins of 31% (30%). All business
areas improved their margin except for Software &
Cloud Economics. The growth in margin exceeded
the growth in general and administrative expense,
benefiting from scaling the business.
Share based compensation amounted to NOK 35m
(NOK 42m). Other income and expenses were NOK
-49m (NOK -132m) and relates to M&A and other
significant non-recurring income and expenses. Last
year included a provision for possible losses related
to a franchise partnering agreement in Oman and
Qatar amounting to NOK 102m. There were no further
collections under this claim during 2024.
EBITDA improved by NOK 346m, to NOK 1,090m.
Operating profit grew 70% YoY to NOK 753m (NOK
442m).
Interest expenses were NOK 279m (NOK 276m). The
Group refinanced the Bond and the revolving credit
facility (RCF) to improve the financing flexibility and
improve the terms reducing the interest expense
in 2024. Interest expenses related to cash pool
arrangements have however grown. The increased
use of multi-currency cash pool arrangements
improves flexibility and access to our cash cross
border and provides broader opportunities for
hedging currency positions in the balance sheet, but
also increases the net interest cost due to the marginal
cost on overdrafts versus deposits in the different
currencies.
Other financial expenses amounting to NOK 114m
(NOK 276m) include non-recurring expenses related
termination cost of the refinancing of the Bond and
the RCF of NOK 38m and impairment of a loan of NOK
20m to the owners of our prior subsidiary in Russia.
The impairment is part of a process of getting final
governmental approval of the management buyout of
the company that took place in 2022. Included in the
other financial expense are also net foreign currency
losses amounting to NOK 26m, significantly reduced
from NOK 238m last year mainly due to mitigating
measures balancing the main currency risk in certain
subsidiaries implemented during 2023.
Income tax expense was NOK 128m (NOK 77m)
and the resulting net income was NOK 267m, an
improvement of NOK 427m compared to the net loss
of NOK 159m last year. Basic and diluted earnings per
shares amounted NOK 2.90 and NOK 2.86 (NOK -1.29).
Cash flows
The Group’s cash flow from operating activities
amounted to NOK 1,333m (NOK 1,413m). The cash
flow was driven by the EBITDA of NOK 1,090m
and beneficial changes in the net working capital.
Managing net working capital efficiently remains a
critical priority for management.
Cash flows from investments were NOK -194m (NOK
-271m) and mainly consist of payment for capitalized
assets.
Cash flows from financing activities amounted to NOK
-1,043m (NOK -1,280m), largely relating to NOK 298m
(NOK 270m) interest and NOK 107m (NOK 80m) lease
payments in addition to the net bond repayment of
NOK 637m including expenses.
At the end of the year, Crayon had a strong cash
position of NOK 1,654m (NOK 1,467m). The Board
continuously monitors the Group’s cash generation
and will continue its efforts to maximize cash flows
and the Group’s liquidity position.
Financial position
As of December 31, 2024, the Group had total assets
of NOK 19,550m (NOK 16,544m). Current assets such
as cash and receivables increased to NOK 14,626m
from NOK 11,656m last year, mainly due to growth
in gross sales. Non-current assets represented NOK
4,923m (NOK 4,888m). Goodwill and other intangible
assets amounted to NOK 3,944m (NOK 3,922m). Total
liabilities amounted to NOK 16,595m (NOK 14,085m),
of which NOK 14,788m were current. Non-current
liabilities amounted to NOK 1,807m and mainly relates
to a NOK 1,200m four-year senior unsecured bond
issued in April 2024, and lease liabilities. The bond of
NOK 1,800m issued in July 2021 was fully settled as part
of the refinancing taking place in 2024.
Net interest-bearing debt significantly reduced from
NOK 1,189m last year to NOK 361m at year end due to
the significant operating cash flow.
Total equity was NOK 2,955m (NOK 2,479m).
The Group had significant headroom with regards to
its bank covenants as of December 31, 2024.
Attribution of earnings for the year
Crayon follows a growth strategy with significant
opportunities for investments in both organic and
inorganic growth. Profits are therefore reinvested
to drive growth initiatives and there are no plans to
distribute an annual dividend in the medium term.
Consolidated comprehensive income for the year
was NOK 435m (NOK 29m) and has been attributed
to retained earnings and non-controlling interests.
For more details see the Consolidated statement of
changes in equity on page 124 of this report.
The parent company net loss of NOK 49m has been
allocated to other equity.
Parent company accounts
The parent company, Crayon Group Holding ASA, had
a net loss of NOK 49m, compared to a net income of
NOK 68m in 2023. Crayon Group Holding ASA has no
employees, and the operating expenses are primarily
shareholder-related costs for the parent company and
finance costs related to bond financing. The parent
company’s main asset is its shareholdings in Crayon
Group AS, while the main liability is bond debt.
25
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Going concern
The Board confirms that the annual financial state-
ments have been prepared under the assumption
that the Group is a going concern, in accordance with
§3-3a of the Norwegian Accounting Act and that such
an assumption is appropriate, based on the Group’s
reported results, business strategy, financial positions
and outlook
Financial risk
The Board is careful to secure systematic
management of risk in all parts of the business
and regards this as critical for long-term value
creation. The Board of Directors regularly reviews
Crayon Group’s risk profile through the lens of the
organization’s lines of business and control functions.
Market risk
Foreign currency risk
Crayon is subject to currency exchange exposure
following its global expansion and business growth.
The overall currency fluctuation and risk impact are
studied, monitored and managed at the Group level.
The Group Treasury sets the policy for daily operations
across regions and business areas ensuring gross
sales and revenues, and gross cost of goods sold
remain in the same currency, seeking natural hedge to
the extent possible including using opportunities under
multi-currency cash pool arrangements. The Group
Treasury assesses business opportunities carefully to
mitigate any remaining risk.
Interest rate risk
The Crayon Group’s main external borrowings are
the NOK 1,200m bond and a NOK 1,500m revolving
credit facility (RCF) subject to a NIBOR reference rate.
Liability subject to other reference rates are mainly
the lease liability and foreign currency cash-pool
balances. The Group currently does not have any
interest rate hedges.
Liquidity risk
Crayon Group is impacted by liquidity fluctuation
associated with its gross sales and growth. The cash
flow from operating activities is mainly impacted
by changes in the net working capital managed by
the subsidiaries. The Group Treasury Department is
responsible for liquidity forecasting and optimizing
cash flows centrally. Group Treasury safeguards and
ensures that the operational requirements are met
as well as maintaining sufficient headroom on debt
facilities.
The growth in developing markets can be working
capital intensive and working capital management
and improvement remains a top priority in Crayon,
striving not only for timely and accurate collection but
also to maintain an efficient management of the terms
of payables, both equally crucial to ensure sufficient
liquidity.
Crayon refinanced the loan facilities in 2024 to
secure predictability and improved flexibility and a
longer term. The NOK 1,200m unsecured bond with a
maximum borrowing limit of NOK 2,500m maturing 8
April 2028. The 1,500m RCF entered 2 July 2024 have
a 3-year tenor and two 1-year extension options. The
Group also has overdraft facilities of NOK 300m with
Danske Bank and EUR 10m facilities with ING.
Crayon remained compliant with the covenant
reporting required by the credit facilities in 2024.
As of December 31, 2024, the Group had significant
headroom to the threshold in accordance with its
financial covenants.
Cash and available undrawn credit facilities at year
end amounted to NOK 3,518m.
Credit risk
Credit risk is the risk of financial loss to the Group if a
customer or counterparty to a financial instrument fails
to meet its contractual obligations. Credit risk exposure
is largely impacted by outstanding receivables
including unbilled revenues and contract assets.
The Group Treasury overlooks the credit risk on a
centralized level whilst the subsidiaries are responsible
for performing credit check and control, enforcing
payment terms and conditions towards the clients.
The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its
financing activities, including deposits with banks and
financial institutions. The Group have deposits with
sound financial institutions.
Crayon faces credit risk for the full amount of any
gross sales invoiced on behalf of the software supplier,
even when acting as an agent and only recognising
net revenues on reseller business. This also includes
situations with disputes between the software vendor
and the end user related to services delivered or
consumed. In such cases, Crayon engages in dialogue
with both the end user and with the software vendor in
order to agree on balanced solutions.
Significant overdue receivables related to a
governmental customer in the Philippines remains
unpaid. The receivables originate from 2022 at about
NOK 0.5bn. To be able to release the payment, PS-
DBM and Microsoft have proposed Crayon to file an
accelerated money claim process that is expected
to be resolved within 6 months. The money claim will
combine both Crayon’s and Microsoft’s unsettled
receivables for license and cloud consumption
from the start of the agreement until a new partner
agreement was operating. A bad debt provision of
NOK 7m has been considered related to the time value
of the expected settlement. See note 13 for further
information.
Organization, working environment, and
equality
Crayon values its employees and strives to create
a safe and rewarding work environment for
them. Our network of local human resources (HR)
representatives, led by the Chief Human Resources
Officer, develops, and implements policies and
strategies to recruit, select and engage employees.
Our Group-wide people and culture strategy is
updated annually and has clear objectives and
metrics to enable the HR function to support
employees and the organization.
Monitoring employee health and safety
Responsibility for employee health and safety at
Crayon is shared between the Human Resources and
Trust Unit teams. Sound safety and health practices
are integral to our operations, and we comply with all
local workplace safety regulations. We had no work-
related fatalities or injuries in 2024, and the rate of
absence from work due to sickness was 2.2%.
Advocating for diversity, equity and inclusion
Crayon values and encourages diversity, equity and
inclusion (DEI) in its workforce. We believe that DEI
broadly covers gender, age, disability and other
attributes.
We have a global DEI road map that is refreshed
annually to guide our DEI initiatives. The Crayon
Integrity Handbook outlines behaviors expected of our
employees such as treating others with respect, being
inclusive and examining unconscious biases.
The company builds its culture by making sure all
individuals are treated fairly and respectfully, fostering
equal pay, and have equitable access to opportunities
and resources. Through this we ensure that Crayon’s
core values are rooted throughout the organization.
The purpose of the Norwegian Anti-Discrimination Act
is to promote equality, safeguard equal opportunities
and rights, and prevent discrimination on the grounds
of ethnicity, national origin, descent, skin color,
language, orientation, religion, or belief. The Group
endeavors to promote the objectives of the Act in
its operations with regard to recruitment, wages
and working conditions, promotion, development
opportunities and protection against harassment. The
Group strives to be a workplace where there is no
discrimination.
Directors and officers’ liability
Crayon has purchased and maintains a Directors and
Officers Liability Insurance on behalf of the members
of the Board of Directors and Company officers. The
insurance includes controlled subsidiaries and is
issued by a reputable insurer.
26
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Corporate governance
Crayon considers good corporate governance to
be a prerequisite for value creation, trustworthiness
and access to capital. In order to secure strong
and sustainable corporate governance, we work
continuously to implement good and healthy business
practices, reliable financial reporting and compliance
with legislation and regulations across Crayon Group.
Crayon Group Holding ASA is incorporated and
registered in Norway and is subject to Norwegian
law. The shares of Crayon are listed on the Oslo Stock
Exchange (Nw.: Oslo Børs). As a Norwegian public
limited liability company listed on Oslo Børs, Crayon
must comply with the Norwegian Securities Trading
Act, the Continuous obligations for companies listed
on Oslo Børs, the Norwegian Public Limited Liability
Companies Act, and all other applicable laws and
regulations.
The Company endorses the Norwegian Code of
Practice for Corporate Governance, issued by the
Norwegian Corporate Governance Board, most
recently revised on October 14, 2021.
The annual statement on corporate governance for
2024 has been approved by the Board and can be
found on page 33 of this report.
Shareholders exercise the ultimate authority in
Crayon through the Annual General Meeting, which
all shareholders are entitled to attend. The Board
encourages all investors to participate in the AGM.
Equity and shareholder issues
In 2024, there has been no changes to the share
capital in Crayon Group Holding ASA. As of December
31, 2024, Crayon owns 186,242 of its own shares,
corresponding to around 0.2% of total shares, for the
purpose of facilitating the Company’s share-based
compensation programs for employees. During
2024, a total of 1,162,752 treasury shares have been
allocated to employees under these programs. No
buyback of own shares has occurred in 2024.
The Annual General Meeting on May 15, 2024,
authorized the Board of Directors to increase the
share capital in connection with the company’s
incentive schemes and acquisitions. The Board has
granted an authorization to increase the Company's
share capital in relation to the Group’s incentive
schemes with up to NOK 5,374,495, provided however
that the authorization cannot be used for an amount
in excess of 6.0% of the Company's share capital. In
connection with acquisitions, the Board has granted
an authorization to increase the Company’s share
capital with up to NOK 8,957,492, provided however
that the authorization cannot be used for an amount
in excess of 10% of the of the Company’s share capital.
The Board of Directors has granted an authorization
to, on behalf of the Company, repurchase treasury
shares with a total nominal value of NOK 8,957,492,
corresponding to 10% of the Group's share capital at
the time of the approval. The maximum amount to be
paid per share is NOK 250 and the minimum is NOK 1.
The authorization is valid from the time of registration
with the Norwegian Register of Business Enterprises
and until the earlier of the Company's annual general
meeting in 2025 or June 30, 2025.
On December 19, 2024, an agreement to combine
Crayon with SoftwareOne Holding AG was
announced. The agreement, until concluded,
entails limitations on the opportunity to utilize the
authorizations to increase the share capital or to buy
treasury shares.
The shares in Crayon Group are freely tradable,
and to the knowledge of the Board there are no
shareholders’ agreements in the company regarding
exercise of voting power or limiting trading in the
shares.
Outlook
In 2025, Crayon will maintain its focus on organic
growth in combination with potential strategic
acquisitions, which are made to strengthen Group-
wide service capabilities and local capacity or to add
scale in international sub-scale markets. Furthermore,
a key focus in 2025 will be to ensure profitable growth
and margin expansion as the businesses continue to
scale in local markets and regions. In addition, one
of the Group’s key priorities during 2025 will be to
continue to manage working capital and strengthen
cash flow performance. Crayon's Direct and Channel
business will focus on continued acceleration of the
CSP business delivering value added services to
customers and partners. We continue to see strong
demand from our customers on both the private and
public sector side and will increase our ability to serve
both AWS and GCP to provide multi-cloud offerings
and scaling with AWS in distribution. Crayon focuses
on increasing software procurement with seamless
access to software providers in our CloudiQ platform
delivering increased stickiness to our customers and
partners while providing accretive margin opportunity.
Cloud costs continue to rise and to support our
customers we have our new FinOps platform called
Crayon Cloud Cost Control now available to help
manage software and cloud spend across the
hyperscalers.
On the services side, we will focus on the growth
drivers where we see market demand in cybersecurity
and cloud modernization. We see now the hype of
GenAI has moved beyond discovery to deployment
and are well positioned as the one of nine global
GenAI partners for AWS, our Copilot strength and
ability to deliver Gemini with GCP to be able to
respond to customer demand.
27
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
OUR STRUCTURE AND FINANCIALS
CORPORATE GOVERNANCE
Board of directors
Meeting attendance by board and
committee members
Statement of corporate governance
Rune Syversen (1968)
Chairman of the Board, Shareholder-Elected, Dependent
• Joined Crayon Board of Directors in 2021
• Member of Remuneration Committee
Experience
Rune co-founded Crayon Group
alongside Jens Rugseth. Prior
to Crayon’s launch, he held
several senior positions within
Telenor Group, Norway’s leading
telecoms company. A successful
serial entrepreneur with deep
experience of the global IT, data
services, and financial sectors,
Rune was instrumental in the
creation and growth of, amongst
other companies, Link Mobility
and Sikri.
Current Executive Roles
In addition to Crayon Group,
he is Chairman of the Board at
Cyviz ASA, Board Member at
Karbon Invest AS, Sevencs AS,
and Calusa AS.
Education
Rune has Studied Business
Administration and Project
Management at BI Norwegian
Business School.
Personal
He is a Norwegian citizen,
currently residing in Luzern,
Switzerland.
Wenche Agerup (1964)
Board Member, Shareholder-Elected, Independent
• Joined Crayon Board of Directors in 2022
• Member of the Remuneration (Chair) and Audit & ESG Committees
Experience
Wenche is currently an EVP and
CPO in Wallenius Wilhelmsen
ASA. She has more than 30 years
of experience in international,
operational and executive
positions in various industries
such as telecom, aluminium and
oil and gas. She has lived and
worked abroad in both Asia and
Australia.
Current Executive Roles
Wenche has also served on
several boards as a director since
2005, and most recently served
at the board of Equinor ASA
(2015-20) and TGS ASA (2015-22).
Education
She holds a Master's in Law
from the University of Oslo and
an MBA from Babson College,
Massachusetts, USA.
Personal
She is a Norwegian citizen
residing in Oslo, Norway.
Board of directors
ESRS GOV-1 21c
28
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Dagfinn Ringås (1974)
Board Member, Shareholder-Elected, Independent
• Joined Crayon Board of Directors in 2017
• Member of the Audit & ESG Committee
Experience
Dagfinn is the Group CEO of
Cegal, a global technology
company specialized in the
energy sector. He has more than
25 years of experience in the
IT-industry, a career which has
seen him hold various leadership
roles at Microsoft and operate as
Country President of Schneider
Electric Norway.
Education
Dagfinn has an MBA from
Sydney Business School, an
Executive Leadership Program
from Instead, and a BSc. degree
in American Studies & Political
Science from the University of
Oslo.
Personal
He is a Norwegian citizen,
currently residing in Asker,
Norway.
Jens Rugseth (1962)
Board Member, Shareholder-Elected, Dependent
• Joined Crayon Board of Directors in 2017
Experience
Jens co-founded Crayon in 2002
together with Rune Syversen. He
is a serial entrepreneur, having
founded multiple companies in
the IT sector over the past 25
years. He has operated as the
CEO of some of the largest IT
companies in Norway, including
ARK ASA, Cinet AS, and Skrivervik
Data AS.
Current Executive Roles
Jens is Chairman of the Board at
Link Mobility Group Holding ASA,
and a member of the board at
Techstep ASA and Spir Group ASA.
Education
Jens studied business economics
at BI Norwegian Business School.
Personal
He is a Norwegian citizen,
currently residing in Luzern,
Switzerland.
Grethe H. Viksaas (1958)
Board Member, Shareholder-Elected, Independent
• Joined Crayon Board of Directors in 2017
• Member of the Audit & ESG Committee
Experience
Grethe has had a long career in
the Northern European managed
service provider Basefarm AS.
First as founder and CEO, and
later as executive chair and
member of the board of directors.
Prior to Basefarm, she held
several management positions in
IT companies. She has experience
from numerous board positions,
including Telenor ASA.
Current Executive Roles
Grethe is currently a non-
executive director on the boards
of Link Mobility Group Holding
ASA and CatalystONE Solutions
Holding AS. She chairs the boards
of PoLight ASA, Farmforce AS and
Norkart AS.
Education
Grethe has a master’s degree
in computer science from the
University of Oslo.
Personal
She is a Norwegian citizen,
currently residing in Oslo, Norway.
Board of directors (ctd)
29
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Marina Lønning (1967)
Board Member, Shareholder-Elected, Independent
• Joined Crayon Board of Directors in 2024
• Member of the Remuneration Committee
Experience
Marina has extensive experience
from the IT industry, having
led the Business-to-Business
divisions of Telenor Norge and
TDC Denmark, where she served
as Senior Executive Vice President.
Additionally, she held the position
of Managing Director at Crayon
Denmark from 2019 to 2022.
Current Executive Roles
Marina works as a Board
Professional, industry advisor,
and investor, serving as a board
member in six companies, most of
them private equity owned.
Education
Marina holds a Master of Science
degree in Economics and Business
Administration.
Personal
She is a Danish citizen, residing in
Copenhagen, Denmark.
Board of directors (ctd)
Arne Frogner (1957)
Board Member, Shareholder-Elected, Independent
• Joined Crayon Board of Directors in 2024
• Member of the Audit & ESG Committee (Chair)
Experience
Arne has extensive experience
related to his 15 years role as a
leader at KPMG, and from audit
and advisory related services. He
was the CEO of KPMG from 1998
to 2008 and from 2015 to 2019.
Prior to being CEO again in 2015,
he was the Head of Deal Advisory
and Head of Large Client Market.
He has a long Lead Partner
experience as auditor and advisor
of large, listed companies, and
private equity owned companies
in Norway and globally. Arne has
wide international experience
and has been a part of the KPMG
EMA Board and Global Council. In
the period from 2003 to 2010, he
was in the board of the institute
of Public Accountants in Norway,
serving as Chairman from 2008 to
2010.
Current Roles
Arne works as a Board
Professional and industry advisor
Education
Arne holds an MRR degree
from the Norwegian School
of Economics and is a State
Authorized Auditor (Statsautorisert
revisor). He is also a Certified
Financial Analyst.
Personal
He is a Norwegian citizen, residing
in Oslo, Norway.
30
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Timmy Herland (1973)
Board Member, Employee-Elected, Employee representative
• Joined Crayon Board of Directors in 2024
Experience
Timmy has been with Crayon
since 2012, in different sales
and leader roles. He currently
leads the Public Sector division,
managing the largest sales
departments, overseeing key
client relationships. With a deep
understanding of Crayon's overall
business model and a strong
commitment to driving results and
performance metrics, Timmy is a
strategic leader with a business-
first mindset.
Education
Timmy holds a Bachelor's degree
in Marketing from BI Norwegian
Business School in Oslo.
Personal
He is a Norwegian citizen,
currently residing in Oslo, Norway.
Lars Larhammer (1993)
Board Member, Employee Representative
• Board Member, Employee-Elected,
• Employee Representative
• Joined Crayon Board of Directors in 2023
Experience
Lars is the Finance Manager
of Crayon AS, overseeing
accounting and salary functions
for a prominent Group entity.
Joining in 2017, he has devoted
his professional career to Crayon,
demonstrating commitment and
variability across pivotal roles
within the Finance division.
Education
Lars holds a Bachelor's degree in
Business Administration from BI
Norwegian Business School and
a Master's degree in Finance,
Economics, and International
Finance from Oslo Metropolitan
University and Rennes School of
Business.
Personal
He is a Norwegian citizen, residing
in Oslo, Norway.
Mette Wam (1963)
Board Member, Employee Representative
• Board Member, Employee-Elected, Employee Representative
• Joined Crayon Board of Directors in 2022
Experience
Mette is COO and leads the
systems development and
design department in Crayon
Consulting AS. She joined the
company in 2011 and has been
CEO of Esito AS, a subsidiary
of Crayon Consulting, and a
leader in Crayon Consulting’s
engineering department. She has
significant expertise within project
management, software product
development, and leadership, with
past experience from companies
such as Software Innovation AS,
Transmit Medical AS, and Sysdeco
AS.
Education
Mette has a BSc. in Computer
Science from Strathclyde
University and the University of
South-Eastern Norway.
Personal
She is a Norwegian citizen,
residing in Oslo, Norway.
Board of directors (ctd)
31
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
BOARD OF DIRECTORS ATTENDANCE
Meeting attendance in 2024
Board member for full
2024 financial year
Board member Role on board Attended Not attended Yes No
Rune Syversen Chairperson 22 0 Yes -
Jens Rugseth Vice Chairperson 20 2 Yes -
Marina Lønning
1
Board member 14 0 - No
Dagfinn Ringås Board member 22 0 Yes -
Grethe Helene Viksaas Board member 22 0 Yes -
Wenche Agerup Board member 20 2 Yes -
Arne Frogner
1
Board member 14 0 - No
Jennifer Geun Koss
3
Former board member 7 1 - No
Jens Moberg
3
Former board member 5 3 - No
Liv Hege Jensen
3
Former board member (employee representative) 7 1 - No
Timmy Herland
2
Board member (employee representative) 14 0 - No
Mette Wam Board member (employee representative) 22 0 Yes -
Lars Larhammer Board member (employee representative) 22 0 Yes -
Explanatory notes:
1
Joined the board of directors after 22 May 2024, following shareholder approval at Crayon’s annual general meeting (as required for shareholder-elected board members).
2
Joined the board of directors after 22 May 2024 pursuant to our procedures for employee-elected board members.
3
Departed the board of directors after 22 May 2024.
AUDIT AND ESG COMMITTEE ATTENDANCE
Meeting attendance in 2024 Committee member for
full financial year in 2024
Board member Role on audit and ESG committee Attended Not attended Yes No
Dagfinn Ringås
Board member
Committee member 10 2 Yes -
Grethe Helene Viksaas
Board member
Committee member 11 1 Yes -
Wenche Agerup
Board member
• Committee member
• Former committee chairperson prior to 22 May 2024
10 2 Yes -
Arne Frogner
1
Board member
Current committee chairperson after 22 May 2024 7 0 - No
Jennifer Geun Koss
2
Former board member
Former committee member 5 0 - No
Explanatory notes:
1
Joined the audit and ESG committee after 22 May 2024.
2
Departed the audit and ESG committee after 22 May 2024.
The meeting attendance for each board and
committee member is detailed on the following pages.
Board of directors
Between 1 January and 31 December 2024, the
full board of directors held 22 meetings. Two new
shareholder-elected members were appointed at
the annual general meeting on 22 May 2024. One
employee-elected board member was replaced
following the applicable process.
A 100% attendance rate was recorded for 16 of the 22
meetings.
Of the six meetings that did not have full board
member representation:
• Three meetings were attended by nine of the
10 board members.
• Three meetings were attended by eight of the
10 board members.
Audit and ESG committee
The audit and ESG committee held a total of 12
meetings between 1 January and 31 December
2024. Due to the changes on the board of directors
noted above, the composition of the committee also
changed, with one new committee member being
appointed to replace another.
Meeting attendance by board and committee members
32
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REMUNERATION COMMITTEE ATTENDANCE
Meeting attendance in 2024 Committee member for
full financial year in 2024
Committee member Role on remuneration committee Attended Not attended Yes No
Rune Syversen
Chairperson of board of directors
Committee member 3 1 Yes -
Grethe Helene Viksaas
2
Board member
• Former committee member
• Former committee chairperson prior to 22 May 2024
1 0 - No
Wenche Agerup
Board member
Current committee chairperson after 22 May 2024 3 0 - No
Marina Lønning
1
Board member
Committee member 3 0 - No
Jens Moberg
2
Former board member
Former committee member 1 0 - No
Explanatory notes:
1
Joined the remuneration committee after 22 May 2024.
2
Departed the remuneration committee after 22 May 2024.
NOMINATION COMMITTEE ATTENDANCE
Meeting attendance in 2024 Committee member for
full financial year in 2024
Committee member Role on nomination committee Attended Not attended Yes No
Tor Malmo Committee chairperson 9 0 Yes -
Ole Morten Settevik Committee member 9 0 Yes -
Remuneration committee
The remuneration committee held a total of four
meetings between 1 January and 31 December 2024.
Nomination committee
The independent nomination committee held a total of
nine internal committee meetings between 1 January
and 31 December 2024.
Additional meetings and activities (e.g. interviews,
consultations with internal and external stakeholders)
did take place related to the recruitment of
prospective board members and other core elements
of the nomination committee’s mandate. These
additional meetings are excluded from the reported
figure of nine meetings for simplicity and consistency.
33
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Statement of corporate governance
Introduction
The Board of Directors of Crayon Group Holding
ASA (the Company) has approved this Statement of
Corporate Governance.
The Statement of Corporate Governance addresses
the framework of guidelines and principles regulating
the interactions between the Company’s shareholders,
the Board of Directors (the Board), the Chief Executive
Officer (the CEO) and the Company’s executive
management team.
The Statement of Corporate Governance is based
on the Norwegian Code of Practice for Corporate
Governance issued by the Norwegian Corporate
Governance Board. The Company will, in accordance
with applicable legislation and stock exchange listing
rules, provide a report on the Company’s corporate
governance in the Board of Directors' report or
in a document that is referred to in the Board of
Directors' report in connection with its annual financial
statement report.
Business
The Company's Articles of Association (the Articles)
describe the business that the Company shall operate.
The business objective stated in the Articles of
Association is as follows: The company’s objective is
to invest in and hold shares, as well as other financial
instruments and ownership interests in other entities,
participation in and operation of other entities, as well
as other business activities related hereto. The Articles
are available here on the company’s website.
The Board has defined clear objectives, strategies,
and risk profiles for the Group's business activities
such that the Group creates value for shareholders in
a sustainable manner. When carrying out this work,
the Board has taken into account financial, social, and
environmental considerations. The Board of Directors
conducts a full-day meeting with Management on an
annual basis to evaluate the Group’s business strategy.
During the meeting, clear objectives, strategies, and
risk profiles for the Group’s business activities are
defined in order to create value for shareholders.
The business strategy provides Management with a
basis for carrying out investments and other structural
measures. The Board evaluates these objectives,
strategies, and risk profiles at least once a year.
Company capital and dividends
The Board is committed to maintaining a satisfactory
equity ratio in the group according to the Group's
objectives, strategy, and risk profile, thereby ensuring
that there is an appropriate balance between equity
and other sources of financing. The Board will
continuously assess the Group’s capital requirements
related to the Group’s strategy and risk profile.
Currently, the company aims to continue to invest
in capabilities to drive future growth and does not
distribute dividends.
Any proposal for the Board to be given authorization
to approve the distribution of dividends shall be
explained. When considering proposals for a dividend,
the executive management and the board will take
account of the following considerations: The group
shall have adequate reserve liquidity in the form of
bank deposits or credit facilities and be a group with
good capital adequacy and balanced financing.
General authorizations for the Board to increase the
share capital and buy own shares shall normally be
restricted to defined purposes and will, in general,
be limited in time to no later than the date of the next
Annual General Meeting of the Company.
Equal treatment of shareholders
There is only one class of shares in the Company and
all shares carry equal rights. Each share carries one
vote. The Company emphasizes equal treatment of its
shareholders.
All shareholders are treated on an equal basis unless
there is just cause for treating them differently in
accordance with applicable laws and regulations.
In the event of an increase in share capital of the
Company through issuance of new shares, a decision
to waive the existing shareholders' pre-emptive
rights to subscribe for shares shall be justified. If
the Board resolves to issue new shares and waive
the pre-emptive rights of existing shareholders
pursuant to a Board authorization granted by the
General Meeting, the justification shall be publicly
disclosed in a stock exchange announcement issued in
connection with the shares issue. The reasons for any
deviation from equal treatment of all shareholders
in capital transaction shall be included in the stock
exchange announcement made in connection with the
transaction.
Any transactions carried out by the Company in
the Company's own shares shall be carried out
through the Oslo Stock Exchange and in any case at
prevailing stock exchange prices. In the event that
there is limited liquidity in the Company's shares, the
Company shall consider other ways to ensure equal
treatment of shareholders. Any transactions in own
shares shall be evaluated in relation to the rules on
the duty of disclosure, as well as in relation to the
prohibition against illegal insider trading and market
manipulation, the requirement for equal treatment of
all shareholders, and the prohibition of unreasonable
business methods.
The Board of Directors has adopted instructions
for the Group’s employees and primary insiders
relating to inside information and trading in financial
instruments, including the duty of confidentiality,
prohibition of trading, investigation, and reporting
requirements, and ban on giving advice.
Shares and negotiability
The shares of the Company are freely negotiable.
The General Meeting
All shareholders have the right to participate in the
general meetings of the Company, which exercise the
highest authority of the Company. The Annual General
Meeting (AGM) shall normally be held before 30 June
each year.
The full notice for General Meetings is sent to
shareholders no later than 21 calendar days prior
to the meeting. Notices for such meetings include
documents providing the shareholders with
comprehensive, specific, and sufficient details in
order for the shareholders to make an assessment of
all the cases to be considered as well as all relevant
information regarding procedures of attendance and
voting.
The notice and the documents may be sent to or
made available to the shareholders through electronic
communication. The Board ensures that members of
the Board and the chair of the Nomination Committee
attend the general meetings. The Company’s Auditor
shall normally be present. In addition, the Board
ensures that the General Meeting is able to elect an
independent chair for the meeting.
Notices for general meetings provides information
on the procedures shareholders shall observe in
34
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
order to participate in and vote at the General
Meeting. The notices also set out: (i) the procedure
for representation at the meeting through a proxy,
including a form to appoint a proxy, and (ii) the right
for shareholders to propose resolutions in respect
of matters to be dealt with by the General Meeting.
Shareholders have the right to attend by electronic
means unless the Board has sufficient cause to refuse
electronic participation. In addition, the shareholders
have the right to vote during a specific period in
advance of the General Meeting, to the extent allowed
in the Articles for the Company.
The cut-off for confirmation of attendance shall be
set as short as practically possible and the Board will
arrange matters so that shareholders who are unable
to attend in person, will be able to vote by proxy. A
form of proxy will be distributed with the notice.
At a minimum, the Board Chair, CEO, CFO, participate
in the General Meeting. The General Meeting is
chaired by an independent chairperson elected in the
meeting.
Nomination Committee
The Company has a Nomination Committee as set
out in the Articles. The General Meeting stipulates
guidelines for the duties of the Nomination Committee,
elects the chairperson and members of the
Nomination Committee, in addition to determining
the committee's remuneration. The members of the
Nomination Committee shall be elected to take into
account the interests of shareholders in general,
and the majority of the Nomination Committee shall
be independent of the Board and the executive
management team. Members of the Board and the
executive management team shall not be members of
the Nomination Committee. The Company’s General
Meeting shall approve Instructions for the Nomination
Committee.
The Nomination Committee's duties are to propose
candidates for election to the Board and Nomination
Committee and to propose the fees to be paid to
members of these bodies. The Nomination Committee
shall have contact with the shareholders, the Board
and the company's executive personnel as part of
its work on proposing candidates for election to the
Board. Furthermore, the Nomination Committee shall
justify why it is proposing each candidate separately.
The Company shall provide information on the
members of the Nomination Committee and any
deadline for proposing candidates. The Company will
make this information available on its website.
The Board – composition and independence
The composition of the Board ensures that the Board
upholds the common interests of all shareholders and
meets the Company's need for expertise, capacity,
and diversity. In appointing members to the Board, it
is emphasized that the Board shall have the necessary
competence to independently evaluate the subject
presented by the executive management team. It
is also considered important that the Board can
function well as a team. Board members are elected
for periods not exceeding two years at a time, with
the possibility of re-election. Board members are
encouraged to own shares in the Company.
The Board complies with applicable requirements
as set out in the Norwegian Public Limited Liability
Companies Act and the listing rules of Oslo Børs.
Acknowledging that the Board is ultimately appointed
by and at the shareholders' discretion, the composition
of the Board should also seek to comply with the
recommendations set out in the Norwegian Code of
Practice for Corporate Governance.
The Company does not have a corporate assembly.
The work of the Board and Board
Committees
The Board prepares an annual plan for its work with
special emphasis on goals and strategy. The Board’s
primary responsibilities are:
a. Participating in the development and approval of
the Company’s strategy.
b. Performing necessary control functions.
c. Acting as an advisory body for the executive
management team.
Its duties are not static, and the focus shall depend on
the Company’s ongoing needs. The chair of the Board
is responsible for ensuring that the Board’s work is
performed effectively and correctly.
The Board ensures that the Company has proper
management with a clear internal distribution of
responsibilities and duties. A division of work is
established between the Board and the executive
management team. The CEO is responsible for the
executive management of the Company. Furthermore,
the Board issues instructions that state how the
Board and the executive management shall handle
agreements with related parties.
The Board ensures that members of the Board and
executive personnel make the Company aware of any
material interests that they may have in items to be
considered by the Board. In order to ensure a more
independent consideration of matters of a material
character in which the chair of the Board is or has
been personally involved, the Board's consideration of
such matters shall be chaired by other members of the
Board.
All members of the Board regularly receive
information about the Company’s operational and
financial development. The Company’s strategies
are regularly reviewed and evaluated by the Board.
Additionally, the Board prepares an annual evaluation
of its own work, including its performance, expertise,
composition and how its members function (both
individually and as a team) in relation to the objectives
set out for its work.
The Board of Directors shall, inter alia, deliberate and
decide on the following:
a. Such matters as required by statutory law,
the Articles of Association, these Rules, or the
resolutions of the General Meeting;
b. Matters outside the scope of the statutory
responsibilities of the CEO (i.e. matters that given
the situation of the Company are unusual in
character or of major importance);
c. Matters outside the scope of the general authority
granted to the CEO, such as major investments,
borrowings, sales or purchases of real estate, and
similar agreements that commit the Company for
an amount in excess of the authority granted to the
CEO;
d. The prudent organization of the activities of the
Company;
e. Satisfactory control of the ongoing activities of
the Company, including the approval of contract
formations that exceed the authority granted to the
CEO;
f. Strategy and objectives;
f. Budget and financing plans for the Company and
the Crayon Group;
g. Appointment/dismissal of the CEO and fixing of
salary or other remuneration to the Chief Executive
Officer, adoption of instructions for the CEO and
determining of the remuneration policy for key
employees;
h. Major changes in the business activities of
the Company and organizational changes of
substantial importance;
i. Safeguarding the financial statutes and
appropriate equity, including the financial policy
of the Crayon Group and review and deliberation
of any management letters from the Company's
auditor;
j. Legal disputes of major importance;
k. Annual accounts and Annual Reports of the
Company and the Crayon Group;
l. Acquisitions, investments and divestments;
m. Proposal for the allocation of profits or losses in
accordance with the provisions of the Norwegian
Accounting Act;
35
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
n. Agreements between the Company and a member
of the Board or the CEO or any agreement
between the Company and a third party in which
a member of the Board or the CEO has a distinct
interest; and
o. Other matters that the Board or the CEO considers
of importance to decide upon.
The Board has an Audit and ESG Committe in
accordance with the rules of the Norwegian Public
Limited Liability Companies Act and the listing rules
of Oslo Børs. The members of the committee are
independent of the Company.
The Board has established a Remuneration Committee
in accordance with the rules of the Norwegian Public
Limited Liability Companies Act. The Remuneration
Committee shall review and recommend to the
Board the remuneration policies/framework for
the Company’s executive/senior management, and
provide general advice related to compensation
paid to executive personnel. Membership of such
committee shall be restricted to members of the Board
who are independent of the Company's executive
personnel.
The Company has a Nomination Committee, cf.
clause 7 of the Company's Articles of Association.
The Committee shall make recommendations to the
general meeting for the election of shareholders
elected board members and members of the
Nomination Committee, as well as remuneration of
board members and committees.
Risk management and internal control
The objective of risk management and internal control
is to manage and eliminate exposure to risks in order
to ensure successful conduct of the Group’s business
and to support the quality of its financial reporting.
The Board carries out an annual review of the Group’s
key areas of exposure to risk and its internal control
arrangements. The Board provides an account in the
Annual Report of the main features of the Group’s
internal control and risk management systems as they
relate to the Group's financial reporting.
The Board ensures that the Group has sound internal
control and systems for risk management that are
appropriate in relation to the extent and nature of the
Group’s activities.
Crayon’s approach to risk management includes its
enterprise risk management (ERM) framework, which
is designed to drive coordinated risk management
across the organization through a centralised
enterprise risk register. Fit-for-purpose tools are
provided to relevant employees to detect, capture,
assess and manage risks as an integral part of their
decision-making procedures. The ERM framework
takes into account operational, tactical and strategic
risk management.
ESG risks are part of our overall enterprise risk
management framework, with ESG risks monitored,
prioritized and managed alongside financial and
other types of risks. The executive management team
is provided with findings on which ESG-related risk
categories have the greatest material impact on
Crayon and require targeted investments and ongoing
strategic monitoring.
Remuneration of the Board
The General Meeting determines the Board’s
remuneration annually, normally in advance.
Remuneration of Board members shall be reasonable
and based on the Board's responsibilities, expertise,
time invested and the complexity of the enterprise.
The remuneration of the Board shall not be linked to
the Company's performance. The Company shall not
grant options to members of its Board.
The Board shall be informed if individual Board
members perform tasks for the Company other than
exercising their role as Board members. Work in sub-
committees may be compensated in addition to the
remuneration received for Board membership.
The Company’s financial statements shall provide
information regarding the Board’s remuneration. Any
remuneration in addition to normal director's fee shall
be specifically identified in the Annual Report.
Salary and other remuneration for the
executive personnel
The Board prepares clear and comprehensible
guidelines on the remuneration to the Company's
CEO, other executive personnel or employees who are
members of the Board or the corporate assembly (if
any). The guidelines shall contribute to the Company's
commercial strategy, long-term interests, and
financial viability. The content of the guidelines shall
be in accordance with the Norwegian Regulations
on Guidelines and Reports on the Remuneration of
Executive Personnel.
Any material change to the guidelines is considered
and approved by the General Meeting. The guidelines
are subject to review and approval by the General
Meeting at least every fourth year. Guidelines
approved by the General Meeting, including the
result of the vote and the date of approval, are
be published on the Company's website. The
Company's arrangements in respect of salary and
other remuneration shall help ensure the executive
personnel and shareholders have convergent interests
and should be simple.
Performance-related remuneration shall be subject to
an absolute limit.
In addition to the above, the Board, for every
financial year, ensures that a report is prepared
which provides a comprehensive overview of paid
and outstanding remuneration covered by the
remuneration guidelines. The specific requirements
for the content of the reports are supplemented by the
Norwegian Regulations on Guidelines and Reports on
the Remuneration of Executive Personnel. The report
is subject to advisory vote by the General Meeting and
report shall be published on the Company's website
after the annual meeting has been held.
Information and communication
The Board and the executive management team
assign considerable importance to giving the
shareholders relevant and current information about
the Company and its activity areas. Emphasis is placed
on ensuring that the shareholders receive the same
and simultaneous information. Furthermore, the Board
has established guidelines for the Company's reporting
of financial or other information based on openness
and taking into account the requirement for equal
treatment of all participants in the securities market.
Sensitive information is handled internally in a manner
that minimizes the risk of leaks.
The Board has a policy on who is entitled to speak
on behalf of the Company on various subjects. The
Company has a contingency plan for information
management in response to events of a particular
character or of interest to the media. The CEO,
CFO, Head of Investor Relations, and Head of
Communication will be the main contact persons of
the Company in such respects.
The Board has ensured that the shareholders are
given the opportunity to make known their points
of view at and outside the General Meeting. The
Board shall establish guidelines for shareholders'
communication with the Company other than through
general meetings.
Takeovers
The Board has established guiding principles for how
it will act in the event of a takeover bid.
In a takeover process, should it occur, the Board
and the executive management team each have an
individual responsibility to ensure that the Company’s
shareholders are treated equally and that there
are no unnecessary interruptions to the Company’s
business activities. The Board have a particular
responsibility in ensuring, to the extent possible, that
the shareholders have sufficient information and time
to assess the offer.
36
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
In the event of a takeover process, the Board shall
ensure that:
a. the Board will not seek to hinder or obstruct any
takeover bid for the Company's operations or
shares unless there are particular reasons for doing
so;
b. the Board will not undertake any actions intended
to give shareholders or others an unreasonable
advantage at the expense of other shareholders or
the Company;
c. the Board will not institute measures with the
intention of protecting the personal interests of
its members at the expense of the interests of the
shareholders; and
d. the Board shall be aware of the particular duty it
has for ensuring that the values and interests of the
shareholders are protected.
In the event of a takeover bid, the Board will, in
addition to complying with relevant legislation and
regulations, seek to comply with the recommendations
in the Norwegian Code of Practice for Corporate
Governance unless there are reasons not to. This
includes obtaining a valuation from an independent
expert. On this basis, the Board will seek to make a
recommendation as to whether the shareholders
should accept the bid.
Auditor
Each year, the Auditor presents to the Board a plan for
the implementation of the audit work. The Auditor also
submits to the Audit Committee an additional annual
report in which it declares its independence and
explains the results of the statutory audit carried out
by providing a range of information about the audit.
The Auditor is invited to be present at Board meetings
where the annual accounts are dealt with. At these
meetings, the Auditor shall report on any material
changes in the Company's accounting principles and
key aspects of the audit, comment on any material
estimated accounting figures and report all material
matters on which there has been disagreement
between the Auditor and the Company's executive
management. The Board and/or Audit Committee
shall meet with the Auditor at least once a year
to review the Company's accounting principles,
risk areas, internal control routines, including
weaknesses identified by the Auditor and proposals
for improvement.
The Auditor Is only used as a financial advisor to
the Company where such use does not affect or
reasonably question the Auditor’s independence and
objectiveness as auditor for the Company. Only the
Company’s CEO and/or CFO have the authority to
enter into agreements in respect of such counselling
assignments. The Board shall establish guidelines in
respect of the use of the Auditor by the Company's
executive management for services other than the
audit.
At the Annual General Meeting and/or in the annual
financial statements, the Board presents a review of
the Auditor’s compensation as paid for auditory work
required by law and remuneration associated with
other concrete assignments.
In connection with the Auditor's presentation to
the Board of the annual work plan, the Board is
responsible for reviewing the Auditor's plan and the
results of the audit performed, and also assessing
the quality of the external auditor's work including
inspections of the audit form by the regulator.
The Board shall invite the Auditor to attend all General
Meetings.
Transactions with related parties or close
associates
Any transactions, agreements or arrangements
between the Group and the Company's shareholders,
members of the Board, members of the executive
management team or close associates of any such
parties may only be entered into as part of the
ordinary course of business and on arm’s length
market terms. All such transactions shall, where
relevant, comply with the procedures set out in the
Norwegian Public Limited Liability Companies Act.
The Board shall arrange for an evaluation to be
obtained from an independent third party for
transactions with related parties if so is required,
including agreements that are considered immaterial
or covered by section 3-16 of the Norwegian Public
Limited Liability Companies Act. The Company’s
financial statements shall provide further information
about transactions with related parties in accordance
with applicable accounting principles.
The Company may engage in business activities with,
or in cooperation with, its shareholders. Such activities
shall be handled at the board level, with a view of
securing a foreseeable and consistent practice which
prevents potential conflict of interest situations, arm’s-
length treatment, and sound governance. Board
members shall immediately notify the Board and
members of the executive management team shall
immediately notify the CEO (who, where relevant, will
notify the Board) if they have any material direct or
indirect interest in any transaction entered into by the
Company.
38
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SUSTAINABILITY STATEMENTS
ABOUT THE SUSTAINABILITY
STATEMENTS
Introduction
Crayon has historically issued a stand-alone
ESG report and therefore has a track record of
sustainability reporting to build on in preparing these
sustainability statements. Nevertheless, transitioning
to reporting systems and disclosures compliant with
CSRD as implemented in the Norwegian Accounting
Act section 2-3 (“CSRD”) has been a challenge, and
we acknowledge that there is room for improvement
going forward.
We welcome increased rigor and prominence
accorded to ESG disclosures under the new regime.
The changes will not only result in more transparent
and comparable reporting across the board, but also
augment the overall robustness and effectiveness of
our own ESG program.
Crayon’s Global ESG Team led the preparation of
the sustainability statements, actively supported by a
wide swathe of the organization given the transversal
nature of ESG topics.
How we crafted the sustainability
statements
Our sustainability statements are based on the
Norwegian Accounting Act, and CSRD and ESRS
disclosure requirements.
We carried out our first-ever CSRD-compliant double
materiality assessment (DMA) in 2024 which is the
bedrock of the sustainability disclosures in these
statements. A few topics and corresponding data
points from our previous ESG reports were assessed
to be below the DMA materiality threshold and are
therefore excluded from this report.
Based on our DMA, we have included some entity-
specific information which was evaluated as material
but is either not explicitly cited in the ESRS or is not
addressed in sufficient depth. Throughout, we have
made best efforts to connect the sector-agnostic
CSRD requirements to Crayon-specific information.
Our sustainability statements are divided into
five overall sections
Section ESRS overview
General information ESRS 2 mandatory disclosures
Environment E1 Climate change
E5 Resource use and circular
economy
EU Taxonomy
Social S1 Own workforce
S2 Workers in the value chain
Governance G1 Business conduct
ESRS content index Disclosure requirements
covered by the sustainability
statements
The Norwegian Transparency Act
Our reporting in compliance with the Norwegian
Transparency Act is publicly available on our global
corporate website, in the form of our annual human
rights transparency statement.
About the sustainability statements
How to comment on the sustainability
statements
We hope that you find the statements present
a comprehensive but digestible narrative of
Crayon’s sustainability activities.
We look forward to receiving your feedback –
please contact us at esg@crayon.com,
or ir@crayon.com.
39
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
ESRS 2 GENERAL INFORMATION 40
Basis for preparation 40
Sustainability governance 42
Value creation through our strategy and
business model 46
Our value chain 47
Double materiality assessment 49
Interests and views of stakeholders 53
ENVIRONMENT 54
E1 Climate change 54
E5 Resource use and circular economy 62
EU Taxonomy 66
SOCIAL 72
S1 Own workforce 72
S2 Workers in the value chain 96
GOVERNANCE 101
G1 Business conduct 101
ESRS CONTENT INDEX 115
ESRS 2 List of disclosure requirements
covered by the sustainability statements 115
HOW TO READ THE STATEMENTS
Our sustainability statements form part of the
report from our board of directors, constituting
Section B. Some of the disclosures from the
cross-cutting standard ESRS 2 are best located
elsewhere in the report – either in the relevant
topical standard, or in Section A of the report
from our board of directors. These disclosures
have therefore been incorporated by reference.
The incorporations by reference are denoted as
follows in the report:
ESRS GOV-1 21c
ESRS GOV-4
ESRS SBM-1 40aiii
CONTENTS
40
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SUSTAINABILITY STATEMENTS
ESRS 2 GENERAL INFORMATION
Basis for preparation
Sustainability governance
Value creation through our strategy and business
model
Our value chain
Double materiality assessment
Interests and views of stakeholders
General basis for preparation
Reporting period and scope of consolidation
This report covers the period from 1 January to 31
December 2024, which is Crayon’s financial year.
The sustainability statements are global in scope and
apply across all our subsidiaries and entities in 46
countries.
The data is consolidated in line with our financial
reporting principles. The consolidated ESG data
comprises the parent company Crayon Group Holding
ASA and its affiliated entities and subsidiaries under
the parent company’s control. Joint operations are
proportionately included. Associates and joint ventures
are excluded.
Value chain coverage
The sustainability statements cover our own
operations as well as our upstream and downstream
value chain. The impacts, risks, and opportunities
(IROs) identified through our double materiality
assessment similarly cover the entire value chain.
Selected policies and actions extend to our value
chain, where relevant.
Disclosure exemptions
Crayon has not utilized the disclosure exemptions
under articles 19a(3) and 29a(3) of Directive 2013/34/
EU. These exemptions apply to disclosures of
impending developments or matters in the course of
negotiation.
Disclosures in relation to specific
circumstances
Definitions of time horizons
Our double materiality assessment which informs our
reporting used the same definitions of short, medium
and long term as the ESRS. These ESRS-aligned
definitions of time horizons are reflected in our IRO
descriptions in the respective topical standards in the
sustainability statements. Elsewhere, specific years are
generally used for clarity.
Estimates and uncertainty (including value chain
estimation)
Some ESG data points are based on estimates and
assessments as described below.
Greenhouse gas (GHG) emissions
We reported on Scope 1, 2 and 3 emissions in our 2024
GHG inventory. Estimates were used to calculate parts
of our Scope 1 and Scope 3 emissions. Furthermore,
we estimated the proportion of Scope 3 emissions
calculated based on primary data from suppliers
or value chain partners at 0.008%. Our emissions
are associated with some uncertainty due to data
challenges.
For additional information, please refer to the section
E1 Climate change.
Metrics related to resource use and circular economy
We reported on our sustainable device management
program in E5 Resource use and circular economy.
Data points related to hardware and packaging
(resource inflows) were provided by an external
service provider we partner with in the execution of
the program.
For some metrics our service provider has made
estimates based on proxies, where the publicly
available data of a limited number of original
equipment manufacturers (OEMs) are considered
to be representative proxies (indirect sources) for
the IT hardware industry. We consider these proxies
to constitute value chain estimates, the accuracy of
which is constrained by not covering all brand and
Basis for preparation
device types.
For additional information, please refer to the section
E5 Resource use and circular economy.
Changes in data preparation and presentation
Where ESRS-mandated qualitative and quantitative
data points are reported for the first time, we have
prioritized compliance in the 2024 reporting period.
On a case-by-case basis, we have assessed whether
it is practicable given time constraints and available
resources to include comparative data from previous
years to align with the 2024 ESRS requirements:
• Where ESRS-mandated data points are completely
new and have not previously been reported by us.
• Where similar data points previously reported by
us now have different definitions and boundaries
under ESRS.
This is indicated in the respective topical standards.
Similarly, we have selected on a case-by-case basis
whether to retain and keep reporting on previously
reported metrics that complement ESRS-mandated
data points but are not strictly required.
Phase-in provisions
Crayon has selectively adopted ESRS phase-in
options where they are available in the respective
topical standards. These sustainability matters are not
reported. Consequently, we do not report on E5-6,
E1-9 and S1-7.
Reporting frameworks and standards
The sustainability statements are prepared in
compliance with the CSRD as implemented in the
Norwegian Accounting Act section 2-3 (“CSRD”)
as well as the European Sustainability Reporting
41
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Standards (ESRS) issued by the European Financial
Reporting Advisory Group (EFRAG). All topics included
under the Environment, Social, and Governance
sections have been assessed as material according to
our double materiality assessment (DMA).
Our entity-specific disclosures within the respective
topical standards are based on our own assessment of
what constitutes relevant qualitative and quantitative
data points aligned with the corresponding
material impacts, risks, and opportunities. Where
applicable, Crayon’s self-assessed reporting is either
supplemented by other standards or is entirely entity
specific.
All greenhouse gas data points (GHG Scopes 1, 2
and 3) are reported based on the Greenhouse Gas
Protocol.
Disclosures stemming from other legislation
or generally accepted sustainability reporting
pronouncements
Our reporting in compliance with the EU Taxonomy
Regulation is in the environment part of the
sustainability statements. Our Taxonomy reporting
helps us to fulfill our ESRS obligations.
Crayon’s previous reporting under the Task Force on
Climate-related Financial Disclosures (TCFD) Index
and Sustainability Accounting Standards (SASB) Index
has been discontinued in deference to the mandatory
ESRS disclosures. However, in 2024 we continued to
report on some elements of the SASB Index in the
topical standard G1 Business conduct in connection
with data privacy and information security. Precise
references to the applicable portions of the SASB
index are provided in G1.
Disclosure requirements covered by the sustainability
statements
Please refer to the ESRS content index at the end of
the sustainability statements for a list of all the ESRS
disclosure requirements complied with by Crayon.
ESRS 2 disclosure requirement
Incorporation by reference
Location of information in integrated annual report
Page
number
GOV-1 21c Experience of administrative, management
and supervisory bodies relevant to the sectors,
products and geographic locations of the
undertaking
Section A: Our structure and financials
About Crayon
Executive management team
15
Section A: Our structure and financials
Corporate governance
Board of directors
27
GOV-4 Statement on due diligence Sustainability statements: Social S1 Own workforce
• Labor and human rights in our own operations
92
S2 Workers in the value chain
96
Sustainability statements: Governance G1 Business conduct
• Overall approach to business conduct and corporate culture
101
• Management of relationships with suppliers
104
SBM-1 40aiii Strategy, business model and value chain Sustainability statements: Social S1 Own workforce
Number of employees by geographic area • Workforce profile – employee characteristics
73
Incorporation by reference
To streamline reporting and avoid repetition, certain ESRS 2 disclosures have been incorporated by reference throughout the report from our board of directors.
More specifically, we have chosen to incorporate the following disclosures from ESRS 2:
42
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Sustainability governance
An overview of our sustainability governance model in 2024 is illustrated below:
Chief Financial
Officer
Chief Human
Resources Officer
Chief Revenue
Officer
Chief Technology
Officer
Audit and ESG committee
Delegated committee of
the board of directors
Remuneration committee
Delegated committee of
the board of directors
Nomination committee
Independent from the
management team and
board of directors
Chief Executive
Officer
Chief Operating
Officer
Board of directors
Shareholders
Board of directors
Crayon’s board of directors comprises 10 members,
seven members elected by shareholders and three
members elected by the employees. All 10 board
members are non-executive.
The board of directors performs necessary control
functions, participates in the development and
approval of Crayon’s strategy, and advises the
executive management team.
Board ESG commitment and responsibilities
The board plays a key role in integrating ESG
into Crayon’s business strategy and ensuring that
sustainability considerations are embedded across the
organization. In December 2024, the board approved
Crayon’s new ESG strategy and will oversee our
progress in implementing the strategy throughout
2025. This includes monitoring progress on our three
ESG strategic priorities for 2025:
• Greenhouse gas emissions and
climate-related risk.
• Diversity, equity, inclusion and belonging.
• Responsible AI.
5/10
Independent
board members
(50%)
3/10
Employee
representatives
(30%)
2/10
Non-Independent
board members
(20%)
Independence status
43
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
The board of directors approved:
• The 2024 Annual Report (this document) prior to
publication.
• The double materiality assessment which
underpins the ESG disclosures in the sustainability
statements.
Board engagement and ESG competencies
All our board members completed Crayon’s
mandatory internal ESG training in 2024, with a 100%
completion rate.
ESG is a permanent fixture in the broad set of
competencies required of our board members, as
assessed annually by Crayon. To reinforce this focus,
the board completed an internal ESG self-assessment
survey in 2024. According to that survey, while levels of
expertise in ESG varied, all board members reported
having some knowledge and experience of ESG,
particularly in areas aligned with the 16 focus areas at
the heart of our ESG strategy.
The survey also highlighted board-wide competence
in business conduct topics such as:
• Business ethics and integrity (e.g. anti-bribery and
corruption).
• Corporate governance (e.g. the leadership role of
the board and board committees).
• Enterprise risk management.
The board has access to ESG expertise within Crayon’s
management ranks, in the form of the Global ESG
Team. External consultants may also be conferred
with at the discretion of the board of directors. ESG
topics and developments are periodically escalated to
the board of directors on an as-needed basis by the
board audit and ESG committee as well as the Global
ESG Team.
Board composition and diversity
We had a diverse board of directors in 2024. Four out
of the total 10 board members were women (40%).
Among the seven shareholder-elected directors, three
were women (43%). In terms of age diversity:
• Shareholder-elected board members ranged in
age from 50 to 67 years, with an average age of 60
years.
• Employee-elected board members ranged in age
from 31 to 61 years, with an average age of 44
years.
In the reporting period, our 10 board members
had different educational backgrounds in business
administration, economics, finance, computer
science, audit, law and marketing. Their professional
experience included the IT and professional/advisory
services industries.
Board committees
Crayon’s board of directors is supported by three
committees:
• The audit and ESG committee.
• The remuneration committee.
• The nomination committee.
Audit and ESG committee
The audit and ESG committee reports to the board
of directors. The tasks of the committee include
overseeing the integrity of the financial and
sustainability reporting, internal controls and risk
management, compliance with statutory and other
requirements from public authorities, and preparing
the election of external auditors. Final decisions and
approvals are made by the board, with the committee
acting as a preparatory body.
Fortified ESG mandate
In 2024, the committee’s mandate was revised to align
more closely with the CSRD and ESRS. The changes
were approved by the full board of directors. The
revisions to the mandate of the committee centered
on refinements to sustainability reporting, particularly
the committee’s role in monitoring and reviewing the
following:
a. The legal requirements applicable to Crayon
where public sustainability or ESG disclosures are
concerned.
b. The quality, adequacy, effectiveness and accuracy
of Crayon’s public ESG disclosures, including
electronic reporting.
c. Crayon’s internal controls and procedures over
sustainability reporting, including quality and risk
management controls.
d. Nominating third-party assurance providers
(including evaluating their independence and
fees); and being kept apprised of the progress and
findings related to ESG assurance.
Moreover, the committee was renamed the audit and
ESG committee (formerly audit committee) to reflect
the committee’s enhanced sensitization to ESG.
ESG oversight in 2024
Throughout 2024, the Global ESG Team provided
regular updates to the committee, by either joining the
committee meetings or providing written submissions.
These updates included informing the audit and ESG
committee about:
• Internal and external stakeholders’ views on
sustainability-related impacts. For example,
the committee was informed of the results from
Crayon’s annual global employee survey which
had ESG-specific questions for the first time in
2024 (ESG score: 4.03 out of 5). Because of its
extensive reach, the survey is a useful tool to gauge
employee sentiment on ESG and other topics.
• The double materiality assessment, which
incorporated internal stakeholder input.
• The new ESG strategy, which took into account
customer expectations.
The committee reviewed both the materiality
assessment and ESG strategy and recommended
them for board approval.
Material sustainability impacts, risks and
opportunities considered
The material impacts, risks, and opportunities
reviewed and considered by Crayon’s board, audit
and ESG committee and executive management team
in 2024 are encapsulated in the double materiality
assessment and newly minted ESG strategy, covered
in detail in the following sections:
• Our approach to sustainability, where we describe
our ESG strategy, including the 16 ESG focus areas
that jointly represent our Material impacts, risks,
and opportunities.
• Double materiality assessment, where we describe
our process and high-level findings related to the
double materiality assessment.
Integration of sustainability into strategy and risk
management
The board, audit and ESG committee and executive
management team take a deliberate approach
to considering sustainability impacts, risks and
opportunities when overseeing strategy, decisions on
major transactions and risk management processes.
To illustrate the tensions and trade-offs inherent in
strategic decision making, in 2024 the board, audit
committee and executive management approved the
stratification of the 16 ESG focus areas at the heart of
our ESG strategy into:
• The top three strategic priorities selected for 2025
- greenhouse gas emissions and climate-related
risk; diversity, equity, inclusion and belonging; and
responsible AI.
• The 13 other ESG focus areas that are part of our
2025 ESG roadmap will not receive the same level
of management and board attention.
Remuneration committee
The remuneration committee reports to the board
of directors and is responsible for evaluating
the company's overall compensation policy and
submitting proposals to the board of directors
regarding guidelines for the remuneration of executive
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
personnel. These proposals are presented at a general
meeting for approval.
Crayon’s executive management team informs
the remuneration committee about the succession
plans in place at the executive, regional and country
management levels. However, the remuneration
committee is not part of the decision-making process.
ESG-related remuneration and incentives
Crayon did not have any remuneration or incentives
linked to sustainability performance in 2024.
Crayon’s remuneration guidelines were approved
by shareholder resolution at our May 2024 annual
general meeting. The guidelines included a clause
for at least 10% of the variable compensation of
the executive management team and other senior
leaders to be tied to the company’s ESG performance.
In the event we put this clause into practice, the
remuneration committee’s role would be to review any
ESG-related changes and make recommendations to
the board of directors.
Nomination committee
The nomination committee is independent of the
board of directors and the executive management
team. It comprises two committee members tasked
with:
• Identifying and proposing prospective candidates
for shareholders to elect as board members.
• Making recommendations regarding the
remuneration of the board of directors and the
nomination committee.
In selecting candidates for the board of directors,
the nomination committee factors in competencies
compatible with Crayon’s business model and
business strategy, and compliance with corporate
governance principles and legal requirements. The
nomination committee may explore incorporating
ESG considerations in the execution of its mandate in
future.
Executive management team
In 2024, Crayon had a six-member executive
management team which comprised our:
• Chief Executive Officer
• Chief Financial Officer
• Chief Human Resources Officer
• Chief Operating Officer
• Chief Revenue Officer
• Chief Technology Officer
1
Together, the executive management team made
all major strategic and operational decisions in the
reporting period, extending to those involving ESG.
In 2024, two out of the total six executives were female
(33%) compared to 29% (two out of seven) in 2023.
Our six executive management team members
brought varied educational backgrounds in business
administration, economics, finance, and computer
science. Their professional experience spanned the IT,
aviation, and professional/advisory services industries.
Sustainability commitment of the executive
management team
In 2024, day-to-day responsibility for ESG lay with the
Chief Operating Officer, overseeing and collaborating
with the Vice President of ESG. Leading the Global ESG
Team, the Vice President of ESG defined and realized
Crayon’s global ESG priorities, including ESG reporting
and contributing to the preparation of this report.
Critical decisions and concerns about ESG were
escalated to Crayon’s executive management team,
and where relevant and appropriate, to Crayon’s
board audit and ESG committee and/or the full board
of directors.
Throughout the reporting period, the executive
management team had access to ESG expertise
through the Global ESG Team. External consultants
could also be consulted, typically in coordination with
the Global ESG Team.
Material sustainability impacts, risks and
opportunities considered
Prior to final approval by Crayon’s board of directors,
in 2024 the executive management team reviewed
and commented on:
• The double materiality assessment which
underpins the ESG disclosures in the sustainability
statements.
• Our new global ESG strategy which incorporates
aspects of the double materiality assessment. The
executive management team validated the top
three strategic priorities selected for 2025:
- Greenhouse gas emissions and climate-related
risk.
- Diversity, equity, inclusion and belonging.
- Responsible AI.
The executive management team also validated the
other 13 ESG focus areas that are part of our ESG
strategy and reflect our Material impacts, risks, and
opportunities.
Controls and procedures to manage impacts, risks
and opportunities
Where applicable and depending on the sustainability
matter in question, dedicated controls and procedures
are applied to the management of impacts, risks and
opportunities by the respective teams within Crayon
as described in the respective topical standards in the
sustainability statements.
Monitoring progress on the sustainability journey
To operationalize the ESG strategy in 2025, all
members of the executive management team will be
part of a soon-to-be established global ESG steering
committee. The committee will monitor progress
against set targets and KPIs, marshal financial and
non-financial resources globally and locally, and
advise on operational and tactical options.
REPRESENTATION OF WOMEN BY SENIORITY
Women in Crayon’s overall workforce .% % % %
Women in Crayon’s executive management team % % % %
Women on Crayon board of directors % % % %
1
The incumbent Chief Technology Officer in 2024 (Florian
Rosenberg) left Crayon in January 2025 and efforts to recruit a
replacement were ongoing at the time of publishing this annual
report.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Statement on due diligence
Our sustainability due diligence involves several
activities and teams across the organization.
Collectively, they complement each other and enable
Crayon to identify and manage ESG related risks and
adverse impacts on people and the environment.
We report on our due diligence through incorporation
by reference in the applicable topical standards.
The main contours are in the table below.
Internal controls and risk management in
sustainability reporting
Crayon is committed to accurate sustainability
reporting and we expect to continuously improve our
control and risk management systems.
ESG data is subject to limited assurance by the same
independent audit firm that audits our financial
statements. We intend to address any observations
that may arise in the external auditor’s long-form
report and management letter through corrective
action plans in 2025.
At present, our internal controls and risk management
systems for sustainability-related data are defined
and managed by the different data owners and
functional teams or departments throughout the
organization. Insights into the risks associated with
data quality and accuracy, as well as the risks of
potential (material) misstatements are therefore
similarly decentralized.
Following our first-time experience with a CSRD/
ESRS-compliant double materiality assessment in
2024, we are exploring measures to incorporate
the identification, assessment and management
of sustainability-related IROs into our overall risk
management process and profile.
DUE DILIGENCE INCORPORATION BY REFERENCE
Aspect of due diligence Applicable topical standard in this report
Page
number
• Engagement with own employees and value chain workers
• Grievance mechanisms
• Remediation
• Risk assessments
S1 Own workforce
• Labor and human rights in our own operations
92
S2 Workers in the value chain
96
• Risk assessments
• Supplier engagement
G1 Business conduct
• Management of relationships with suppliers 104
• Corporate culture
• Training
G1 Business conduct
• Overall approach to business conduct and
corporate culture
101
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
What we do
Crayon is an information technology (IT) consultancy
with the following go-to-market offerings:
• Software procurement: We help customers choose,
acquire, consume and support the software
services that fit their business needs and budget.
• IT cost management: We show customers the way
to make the most out of their software and cloud
investments.
• Cloud services: We offer expert advice, migration,
management, deployment, and security of
customer IT services, no matter the platform or
technology.
• Data and AI solutions: We deliver tailored AI
solutions and AI consulting services to help
businesses gain a competitive edge.
To deliver on these offerings, Crayon is organized
into four lines of business: Software & Cloud Direct;
Software & Cloud Channel; Software & Cloud
Economics; and Consulting.
Our international presence
In 2024, Crayon had an operational presence in 46
countries and 4,182 full-time equivalent employees.
Our key markets are the Nordics, Europe, Asia Pacific,
Middle East, Africa, and the United States.
For more information about the number of employees
by geographical area, please refer to S1 Own
workforce in the sustainability statements.
Our customers
We serve customers in the public and private sectors,
ranging from SMEs to large enterprises.
Our strategic aspirations and their linkages
to sustainability
From a market perspective, our strategic focus is
on continued global expansion, including through a
deeper presence in our existing markets.
From a services and solutions perspective, AI is
driving dramatic change in the technology industry.
Shoring up our existing AI capabilities is therefore
critical to help us increase the value we provide our
customers. In addition, we will continue to expand
our platform capability to offer more vendor offerings
to our partners and customers. The strong strategic
relationships Crayon has with all key global software
vendors can be leveraged to achieve this.
From a sustainability perspective, our new global ESG
strategy comprises four pillars and 16 ESG focus areas.
The four pillars are:
• Environment
• Services and solutions
• Social
• Governance
The initiatives implemented in support of the strategy
from 2025 onwards can benefit Crayon through
positive employer branding and greater customer
engagement, amongst other benefits.
The ESG strategy is designed to benefit all Crayon
stakeholders whether internal or external. Where our
customers are concerned, particularly noteworthy are:
• The new addition of the services and solutions
pillar to respond to customer needs and reinforce
Crayon’s continued market relevance. Refining
and scaling up our existing ESG-related services
and solutions could potentially enhance our go-to-
market offerings and revenues.
• Responsible AI as one of the 16 focus areas under
the governance pillar – AI is one of our most
important go-to-market offerings. Deploying
customer-facing AI projects responsibly with due
regard for human rights, the environment and
other sustainability-related issues is therefore
essential. Please refer to G1 Business conduct for a
further discussion of responsible AI.
Benefits created for stakeholders
Communities
We create employment opportunities in the
countries where we operate and revenue generation
opportunities for business partners and service
providers. We contribute towards local and national
economic development through taxes paid to local,
regional and national governments.
Customers
We help customers rmaximize their software and
cloud investments by reducing costs and
leveraging new opportunities in AI.
Employees
We cultivate an attractive and inclusive workplace
underpinned by Crayon’s four core values of integrity,
quality, pace and agility. Our people-first culture
prioritizes employee well-being and development.
Shareholders
We create long-term value for our shareholders by
achieving consistent growth in profitability, following
through on our business plans, and communicating
with capital markets in a timely and transparent
fashion.
Additional information
For more information about our strategy and business
model, please refer to:
• Crayon at a glance
• Our strategy and business model
• Financial and business review
For more information about our ESG strategy, please
refer to:
• Our approach to sustainability
For more information about shareholder benefits
created, please refer to:
• The Crayon share
Value creation through our strategy and business model
ESG strategy
Business strategy
Relationship between our
ESG and business strategies
47
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our value chain
Crayon’s sustainability statements cover our
own operations, as well as the upstream
and downstream of our value chain. We will
explore avenues to leverage the heightened
scrutiny and prioritization of sustainability
matters spurred by CSRD and the EU
Taxonomy to engage more robustly with
value chain actors to advance our ESG
strategy.
Value chain features
Crayon operates as a business-to-business (B2B)
software reseller. We act as an agent to facilitate
downstream customers’ access to software and cloud
licenses that are provided by upstream software
publishers/vendors and hyperscale cloud providers,
placing us in the middle of the value chain for our
industry segment.
Our operations include sales/licensing, deployment,
development, design, and marketing of software
services and solutions.
Inputs and resource dependencies
Our key inputs or resource dependencies include:
• Human capital in the form of our employees –
our employees’ expertise enables us to support
customers in navigating digital transformation,
optimizing cloud usage, and aligning software
strategies with business needs.
• Software and cloud services and solutions –
these are our core offerings that are dependent
on our relationships with software publishers and
suppliers, and with cloud hyperscalers.
• Energy – to power our offices and the three data
centers.
UPSTREAM
We have a large international footprint and
interact with thousands of software publishers,
vendors, and suppliers—primarily headquartered
in North America—along with three hyperscale
cloud providers.
The key characteristics of our upstream
relationships are outlined below.
Top software publisher by volume and strategic
importance:
• Microsoft, which provides software and cloud
services used internally by Crayon as well as
our customers downstream.
• Our high commercial dependency on
Microsoft poses inherent risks. To mitigate this,
we are diversifying our capabilities—especially
in data and AI.
Other important software publishers include, but
are not limited to:
• Adobe, Atlassian, Broadcom, Cisco, Citrix,
Google, and Red Hat.
Major hyperscale cloud providers:
• Amazon Web Services (AWS), Google Cloud
Platform (GCP), and Microsoft Azure.
Business partners and service providers
• To support in-country operations, we have
myriad relationships at the local level, ranging
from caterers and stationery suppliers to
financial and legal advisors.
DOWNSTREAM
Our downstream value chain includes both
indirect and direct customer relationships.
Channel ecosystem partners:
• ~8,000 partners that distribute Crayon services
to more than 130,000 end-users.
• Composition:
- About 50% cloud resellers.
- About 30% hosters.
- About 20% independent software vendors
(ISVs).
Direct enterprise customers:
• ~10,000 customers across public and private
sectors.
• Includes both SMEs and large corporate
clients.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our value chain
Regulators
Upstream
PRODUCTS, SERVICES AND SOLUTIONS
Crayon's own operations
SOFTWARE RESELLER AGENT
Downstream
CUSTOMERS
Software publishers/
vendors
Software publishers design
or create software solutions
(sometimes including a cloud
storage component).
Software suppliers
Software suppliers act as
intermediaries between Crayon
and software publishers.
Suppliers can also be publishers.
Hyperscale cloud
providers: 3
Hyperscalers are differentiated
from other cloud storage
providers by their global
accessibility and reach; their
enterprise-orientation; and the
software/product agnostic nature
of their platforms.
Channel ecosystem
partners: ~ 8,000
Crayon transacts directly with
channel partners in the form
of cloud resellers, hosters/
managed service providers, and
independent software vendors.
End users reached by these
different channel partners are
+130,000.
Services and solutions offered
by Crayon to our customers
• Consulting
provided by Crayon.
• Sales and marketing
provided by Crayon.
• Technical support
provided by Crayon.
Data center: 1
Crayon owns one data center.
It is located in Iceland and
supplements the data centers
leased by Crayon.
Business partners and
service providers
Various business partners to
support Crayon’s operations.
Examples include:
• Banking and financial service
providers (e.g. lenders and
creditors).
• Caterers.
• Couriers.
• Landlords of leased facilities.
• Fleet management companies
(vehicles leased by Crayon).
• IT providers (e.g. hardware
and software used internally by
Crayon).
Data centers: 2
Crayon leases two data centers
– they are separate from the
hyperscalers.
• One leased by Crayon in
Iceland.
• One leased by Crayon in
Norway.
Direct enterprise customers
(public and private sector):
~ 10,000
End customers in relation to which
Crayon has a direct relationship
and line of sight.
Parent company and
subsidiaries:
46 countries
Employees worldwide:
4,182 FTEs
Investors:
Shareholders
49
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
First time observing the principles of double
materiality
In line with CSRD and ESRS requirements, Crayon
conducted its first double materiality assessment
(DMA) in 2024.
The 2024 DMA replaces our previous materiality
assessment, which followed a different methodology
not predicated on the concept of double materiality.
What is meant by double materiality
A sustainability-related topic is material when it
meets the criteria for impact materiality only, or
financial materiality only, or both financial and impact
materiality.
Frequency of future DMAs
The DMA forms the basis of the disclosures in the
sustainability statements, and we collaborated with
KPMG. The DMA will be reviewed and updated
annually.
Double materiality assessment
Impact materiality
Crayon's positive and negative
impacts on society and the planet.
This represents an 'inside out'
perspective.
Financial materiality
Risks and opportunities arising
from sustainability matters that
affect Crayon economically
(i.e. Crayon's financial position,
financial performance, cash flow,
access to finance etc).
This represents an 'outside in'
perspective.
Double materiality means that both perspectives are taken into account
+
50
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
NUMBER OF MATERIAL IROs
Topical standard Impacts Risks Opportunities Total IROs
Actual Potential
ESRS E1 Climate change 5 1 1 1
ESRS E2 Pollution - - - - N/A
ESRS E3 Water and marine resources - - - - N/A
ESRS E4 Biodiversity and ecosystems - - - - N/A
ESRS E5 Resource use and circular economy 2 - -
ESRS S1 Own workforce 6 6 3 3
ESRS S2 Workers in the value chain - 8 1 1
ESRS S3 Affected communities - - - - N/A
ESRS S4 Consumers and end-users - - - - N/A
ESRS G1 Business conduct 2 4 9 2
Total 13 21 14 7
1
Includes some entity-specific material topics
2
Not relevant or applicable to Crayon
Findings from our double materiality
assessment
We believe the findings of our 2024 DMA present a
true and fair picture of our material impacts, risks,
and opportunities based on the information available
at the time and any inherent constraints in our
methodology. Given this was our first DMA and first
set of material impacts, risks, and opportunities, there
are no changes to the IROs compared to the previous
reporting period.
In total, 55 material IROs (impacts, risks, and
opportunities) were identified across the
environmental, social, and governance pillars.
Based on our assessment, five of the ten topical
ESRS standards were deemed applicable to Crayon.
More detailed descriptions of these IROs — such
as time horizons, position in the value chain, and
other relevant characteristics — are provided in the
respective topical standards.
In preparing our double materiality assessment, the
identified material impacts, risks, and opportunities
were mapped onto the applicable parts of our value
chain. Please refer to the adjacent illustration.
UPSTREAM OWN OPERATIONS DOWNSTREAM
E1 Climate change
E5 Resource use and
circular economy
S1 Own workforce
S2 Workers in the
value chain
G1 Business conduct
n Risks n Opportunities n Positive impacts n Negative impacts
Note: Some IROs are duplicated because they appear in multiple parts of the value chain. This results in a total of 63 which exceeds the 55
IROs identified in our double materiality assessment.
1
1 3
1 1
3 22 32
3 83 4
1 2 21 2
1 1 7
Overview of IROs across the value chain
6 2 1
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Material IROs and their interactions with our
business strategy and business model
The individual topical standards include descriptions
of the IROs, their time horizons, and their position
in the value chain. Furthermore, our various current
and planned actions and initiatives are described in
the respective topical standards in the sustainability
statements.
Our material IROs have directly influenced Crayon’s
new global ESG strategy. The 16 ESG focus areas at
the core of the strategy draw on the results of the
DMA. In this way, the DMA indirectly supports our
business strategy and model, as the ESG strategy
complements and strengthens our overall direction.
Additional information regarding IRO linkages with
business strategy is provided in the respective topical
standards and in the section Value creation through
our strategy and business model.
While we made reasonable efforts to understand
the nature of our material risks and opportunities,
our analysis did not extend to their current and
anticipated effects on our financial performance and
cash flows as reported in our financial statements.
We did not perform either a qualitative or quantitative
analysis to determine Crayon’s ability to address our
material impacts and risks, and to take advantage of
our material opportunities. We therefore do not have
insights into the resilience of our business strategy
and business model in relation to our material
sustainability IROs. At best we can present our various
current and planned actions and initiatives in the
respective topical standards in the sustainability
statements.
Process to identify and assess material
impacts, risks, and opportunities
The 2024 DMA was group-wide and global in scope,
applying to all our subsidiaries and entities. In 2025,
we aim to refine our DMA process and methodology.
In order to identify the impacts, risks and opportunities
that Crayon and our stakeholders perceive as the most
important, we developed a four-step process:
1. Desktop research and reviews of internal and
external documents, including peer benchmarks.
We interviewed internal stakeholders from various
corporate functions and business units.
2. Prioritizing and streamlining a long list of topics
into a short list of material topics. A workshop was
convened at our Oslo headquarters to review
progress and agree on next steps.
3. Finalising the scoring and framing of the IROs.
4. Presenting the results of the DMA to the executive
management team, employee representatives
on the board, and the board-level audit and ESG
committee. Final approval was given by the full
board of directors.
Stakeholder perspectives in our DMA
As the ESRS requirements on double materiality
assessment are extensive, we limited direct stake-
holder involvement to internal stakeholders. To reflect
external views, we used credible proxies such as:
• Analyst reports.
• Customer bid and tender documentation.
• Internal subject matter experts.
Understanding
Crayon’s context
To develop an understanding
of Crayon’s own activities,
stakeholders and value chain,
qualitative interviews were
conducted with 31 Crayon
employees from different
business areas. In addition,
internal and external documents
were analysed, including but
not limited to ESG regulations,
peer benchmarks, an internal
memo on Crayon’s approach to
financial materiality, and Crayon’s
corporate risk statement.
Identifying impacts, risks
and opportunities (IROs)
An initial long list of group-wide
topics (IROs) was identified based
on phase 1. The IROs spanned
our own operations as well as the
upstream and downstream of
Crayon’s value chain. Quantitative
thresholds for impact and financial
materiality were established
which were applied in subsequent
phases.
Assessing and calibrating
Material impacts, risks, and
opportunities (IROs)
To prioritise the most significant
topics, the long list of IROs was
assessed on a scale of 1 – 5
for both impact and financial
materiality respectively. Internal
stakeholders deemed to be subject
matter experts then conducted
a further evaluation of both the
wording and the scoring of the
IROs.
Validating and anchoring
material topics with senior
leadership
Feedback on, and validation of,
the DMA findings was provided
by the executive management
team, employee representatives
on the board, and the board-level
audit and ESG committee. Final
formal approval was given by
the full board of directors (at the
recommendation of the audit and
ESG committee).
The four phases in Crayon’s double materiality process
1.
2.
3.
4.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Scoring of impacts, risks and opportunities
We used a quantitative approach to assess each
IRO, based on ESRS 1 requirements. All items were
scored on a scale from 1 to 5, and a defined threshold
distinguished material IROs from immaterial ones. We
established qualitative descriptions for each scoring
criterion.
Scoring of impact materiality
The identified impacts can be classified as a
combination of potential/actual and positive/negative.
The scoring scale for each criterion is 1 (lowest) to 5
(highest). We took into account severity and likelihood
to arrive at a score for impact materiality.
Scoring of financial materiality
Financial effects can be either risks or opportunities.
We took into account magnitude and likelihood to
arrive at a score for financial materiality. We aligned
the definition of magnitude with the definition of
financial materiality used internally for financial
reporting. The scoring scale for each criterion
(magnitude; likelihood) is 1 to 5, where 1 is the lowest
possible score and 5 the highest.
Prioritization, interconnectedness and
causality of impacts, risks and opportunities
As this was our first DMA, we took an egalitarian
approach to assessing the risk of adverse actual and
potential impacts. We wanted to develop a good
understanding of the landscape. We therefore did not
have a special focus on the heightened risk of adverse
impacts which could result from certain activities,
business relationships or geographies.
We distinguished between IROs:
• Caused by Crayon.
• Contributed by Crayon.
• Linked to Crayon.
Scale + Scope + Remediability* (*if negative)
3
Severity score =
SEVERITY LIKELIHOOD
Scale Scope
Remediability
(if negative)
Likelihood
(if potential)
Measure of the
seriousness of an impact.
It is relative and context-
dependent.
Extent of impact, in terms
of geographical reach or
the number of people/
species affected.
Reflects the extent to
which the negative
impacts can be repaired.
Reflects the likelihood of
the impact occurring.
MAGNITUDE LIKELIHOOD
Magnitude
Likelihood
(if potential)
The potential magnitude
of the financial effect.
Reflects the likelihood
that the risk/opportunity
materializes.
Materiality score for potential impacts (positive or negative): Likelihood score + severity score / 2
Materiality score for actual impacts (positive or negative): Severity score = materiality score
Exceptions: All human rights impacts (positive or negative, actual or potential) are scored according to
severity
Materiality score for either risks or opportunities: Likelihood score + magnitude score / 2
Quantitative scoring of financial materiality
Quantitative scoring of impact materiality
We did not identify any cases where the same topic
gave rise to explicitly interconnected impacts, risks,
and opportunities.
Integration of impacts, risks and
opportunities into overall risk management
Following our first-time experience with a CSRD/
ESRS-compliant double materiality assessment in
2024, we are exploring measures to incorporate
the identification, assessment and management
of sustainability-related IROs into our overall risk
management process and profile.
This would represent an additional step to enhance
and mature the existing process for overall risk
management which is currently primarily risk-oriented
and surfaces some sustainability-related risks in the
organisation.
Crayon’s enterprise risk management (ERM)
framework is designed to drive coordinated risk
management across the organization. ESG risks are
being integrated into this framework and managed
alongside financial and operational risks.
Key elements include:
• A centralized risk register.
• Fit-for-purpose tools for identifying and managing
risks.
• ESG risk briefings for executive management,
highlighting areas that require targeted
investments and ongoing monitoring.
53
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Overview of Crayon’s key stakeholders
Internal stakeholders
External stakeholders
EMPLOYEES
C-level executive management team,
led by the chief executive officer
All other employees by function and region
Business partners
Entities that we buy
products or services
from to enable Crayon to
function locally, regionally
and globally. We have
direct relationships with
our business partners
around the world.
Regulators
Crayon as well as
its stake holders are
impacted by various
regulations governing
ESG and other activities.
Hyperscale cloud
providers
The three largest
providers of cloud
services to our customers
and to Crayon are
Amazon Web Services,
Google Cloud Platform
and Microsoft Azure.
Software publishers/
vendors
Publishers/vendors that
are software developers
or creators. Crayon
purchases software from
the directly to resell to our
customers.
Customers
Two types of customers
directly invoiced by
Crayon:
• Channel ecosystem
partners
• Public and private
sector enterprise entities
Service partners and
subcontractors
Entities that we buy
products and/or services
from to incorporate into
our delivery to customers.
Investors, lenders,
and creditors
Crayon’s shareholders
include institutional
investors and private
individuals.
Lenders and creditors
include bondholders and
other parties.
Software suppliers
Suppliers are inter-
mediaries from which
Crayon purchases
software. Suppliers can
also be publishers.
BOARD OF DIRECTORS
10 board members
7 shareholder-elected
board members
3 employee-elected
board members (employee
representatives)
Interests and views of stakeholders
We engage with internal and external
stakeholders on a variety of topics including
ESG.
Active listening and ongoing dialogue yield valuable
insights about our stakeholders’ positions, concerns
and expectations. Attuning Crayon’s business
model, business strategy and ESG strategy to these
insights ultimately contributes to the success of our
commercial and sustainability initiatives.
Knowledge of our different stakeholders’ views and
interests concerning our business model and business
strategy is held by the various Crayon employees who
interact with those stakeholders on an ongoing basis.
Information about stakeholder involvement in our
2024 double materiality assessment is in the section
Double materiality assessment.
Internal stakeholders
Crayon engages directly with employees and other
internal stakeholders through:
• Our intranet portal.
• Annual employee feedback survey.
• Internal town halls.
• Newsletters and topic-specific knowledge sessions.
Engagement with employees contributes towards
maintaining a motivated and productive workforce
whose views and concerns are addressed, and whose
actions are aligned with the business strategy.
In addition, relevant corporate functions and business
areas have access to the board of directors and
executive management team to ensure alignment
on strategic imperatives. Stakeholder views on
sustainability-related topics are shared with the board
and executive management team as part of broader
ESG updates by the Global ESG Team, as described in
the Sustainability governance section.
External stakeholders
We interact with a wide range of external
stakeholders, including:
• Customers – to understand their needs.
- Through direct dialogue, surveys (e.g. voice
of the customer), our corporate website, and
meetings.
• Software publishers, suppliers, and cloud
providers – to coordinate service delivery and
strengthen partnerships.
• Local business partners and service providers –
such as landlords of leased facilities.
• Shareholders and analysts – to discuss a variety
of topics and demonstrate Crayon’s value creation
and investment-worthiness.
- Via quarterly earnings presentations, annual
reports, roadshows, and one-on-one meetings.
• Regulators – to respond to formal requests and
interact on compliance.
• Educational institutions – for recruitment purposes.
• Industry platforms and associations – to share
information and find solutions to common
challenges.
54
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SUSTAINABILITY STATEMENTS
ENVIRONMENT
E1 Climate change
E5 Resource use and circular economy
EU Taxonomy
E1 CLIMATE CHANGE
Crayon supports international scientific
consensus that attributes climate change
to a recent and significant increase
in anthropogenic (human-induced)
greenhouse gas (GHG) emissions.
Processes to identify and assess climate-
related IROs
Our double materiality assessment identified eight
climate-related impacts, risks and opportunities
(IROs). The process we followed was the same one for
the whole DMA, as described in the section Double
materiality assessment.
In assessing climate change, we considered our
historical greenhouse gas emissions, recognising that
our Scope 3 emissions likely represent our greatest
potential to mitigate climate change.
The DMA identified two positive climate-related
impacts and four negative climate-related impacts.
No further analysis was conducted – for instance,
there was no screening to identify GHG emission
sources; nor were Crayon’s actual and potential
impacts on climate change beyond those already
captured in the IRO descriptions evaluated.
None of the climate-related IROs relate to physical
risks or climate-related hazards. One transition risk
and one opportunity were identified through our DMA,
but no associated transition events were analysed nor
how Crayon’s assets and business activities might be
exposed to transition events.
We did not conduct a climate scenario analysis or
assess the resilience of our business strategy and
model in the context of our material climate-related
IROs. This includes the compatibility of our assets and
business activities with the transition to a climate-
neutral economy. By the same token, neither are we
in a position to quantify concretely the anticipated
financial effects and potential benefits from
climate-related risks (physical and transition) and
opportunities.
Climate-related risks and opportunities
The only material climate-related risk we identified
in our double material assessment was related to
Crayon’s ability to satisfy stakeholder expectations
that we define and follow through on emission
reduction targets and decarbonization/transition
plans.
Specifically, there is a potential risk we could lose
out on business and investment opportunities if our
climate ambitions and progress are not perceived
as sufficiently robust by key stakeholders such as
shareholders and customers. This is against the
backdrop of the heightened market expectations we
have observed in recent years regarding companies'
climate commitments.
This risk, considered a transition risk, applies to our
own operations.
The sole material climate-related opportunity
relates to the software we offer that helps customers
improve their ESG performance, including reducing
their carbon footprint. Examples include software
helping customers to monitor and report on their
GHG emissions. Through collaboration with upstream
partners and support for downstream clients, we aim
to maintain our competitive advantage and grow
market share.
To supplement our double materiality assessment
which covered a wide spectrum of ESG topics, in 2024
we partnered with Carbon Trust to initiate a separate
and focused analysis of our climate-related risks and
opportunities. The analysis is ongoing and the findings
will be finalised in 2025.
55
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO CLIMATE CHANGE
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (actual)
• Climate smart cloud technology: Crayon supports customers in migrating
to cloud services and optimizing cloud expenditure. This optimization
helps reduce energy consumption and minimize the environmental impact
associated with cloud services.
• Crayon’s cloud-based services and solutions are designed to help optimise
customers’ cloud spend while simultaneously minimising their carbon footprint.
These Crayon offerings are known as FinOps and GreenOps - the two are
typically deployed in tandem as they are closely intertwined. FinOps and
GreenOps are situated within our Software and Cloud Economics line of
business.
Own operations Long-term
n Positive impact (actual)
• Renewable energy – data centers and offices: Crayon utilizes renewable
electricity in three data centers and offices in Iceland and Norway, reinforcing
its commitment to sustainability.
• We aim to consistently consume renewable energy at the sites where this option
is available.
• Our data centres accounted for 26% of our total electricity consumption across
all our sites in 2024, rendering this a siwgnificant actual positive impact.
Own operations Short-, medium-
and long-term
n Negative impact (potential)
• Emissions of software vendors, software suppliers, and hyperscale cloud
providers’: Crayon is reliant on major upstream software publishers and
vendors and hyperscale cloud providers that are significantly bigger and more
powerful than us. Consequently, we are constrained in our ability to influence
the design of software and cloud offerings developed by our partners, in turn
limiting the possibilities to influence and achieve emission reductions in our
own operations (where we use software and cloud solutions internally), and in
the downstream of our value chain (where software and cloud solutions are
offered to our customers).
• We engage in ongoing dialogue with upstream actors in our value chain to
better understand their actions to become more environmentally sustainable.
Where possible, we try to identify opportunities for synergies that combine
successful commercial outcomes and progress in reducing negative
environmental impacts.
Upstream Long-term
n Negative impact (potential)
• Energy consumption – offices and leased vehicles: Crayon uses energy (e.g.
gas, petrol diesel) for heating offices and operating leased vehicles. This
consumption can have a negative climate effect due to increased Scope 1, 2
and 3 greenhouse gas emissions.
• We measure our energy consumption as part of our annual greenhouse gas
inventory.
Own operations Short- and long-term
n Negative impact (actual)
• Electricity consumption – offices and data centers: Crayon procures electricity
for its offices and data centers. While cloud services drive efficiency, they also
increase electricity consumption in data centers.
• This consumption can have a negative climate effect due to increased Scope 1,
2 and 3 greenhouse gas emissions.
• We measure electricity consumption as part of our annual greenhouse gas
inventory.
Own operations Short- and long-term
n Negative impact (actual)
• Indirect emissions in Crayon's value chain (upstream): Crayon’s Scope 3
emissions include business travel, employee commuting, waste disposal, and
purchased goods and services. The company is committed to identifying and
implementing reduction strategies.
• We measure our Scope 3 greenhouse gas emissions as part of our annual
greenhouse gas inventory.
Upstream Short- and long-term
n Opportunity
• GHG emissions software: By advancing practices and solutions that enable
more sustainable outcomes with partners like Microsoft, Crayon strengthens its
competitive advantage, while supporting green technology adoption.
• We offer our customers software that can help them measure their
greenhouse emissions and identify opportunities for emissions reductions. (e.g.
sustainability/ESG dashboards). We also have software solutions and services
that take a more holistic approach to improving overall ESG performance.
Upstream, downstream Long-term
n Risk (transition)
• Climate commitments: With increasing market expectations around climate
responsibility, Crayon recognizes the importance of aligning its sustainability
ambitions with stakeholder expectations, ensuring continued business growth.
• We are in the process of preparing and submitting emission reduction targets to
the Science Based Targets Initiative for validation.
• Undergoing the SBTi process will help to solidify the credibility of our climate
commitments.
Own operations
Medium- and long-term
56
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Policies related to climate change
In 2024, Crayon did not have formal policies, targets
or transition/decarbonization plans in place for
climate change mitigation or adaptation, energy
efficiency or renewable energy. We also did not have
policies covering climate-related IROs.
Governance
Crayon’s greenhouse gas emissions are measured
by our Global ESG Team, which is led by the Vice
President ESG, who in turn reports to the Chief
Operating Officer.
Accessibility
We report our GHG emissions in our annual report and
on the CDP platform.
Climate-related considerations in employee
remuneration
In 2024, climate-related metrics were not included
in the remuneration of any employees, the executive
management team or board members.
Actions related to climate change in 2024
Setting emissions reduction targets
By the end of 2024, we were on track to submit
near-term science-based targets to the Science
Based Targets Initiative (SBTi) for validation in 2025.
We engaged the Carbon Trust, a global climate
consultancy, to support our footprinting and target-
setting.
We initiated our registration on the SBTi portal in
2024 and anticipate concluding registration and all
required SBTi steps during the course of 2025. Due to
a significant uptick in the volume of queries received
by the SBTi, Crayon’s registration took longer than
expected and remains in progress.
Accompanying decarbonisation actions and levers to
reduce our emissions are also under development as
part of a future decarbonisation/transition plan for
climate change mitigation and adaptation that will
be launched and implemented in 2025. The allocation
of financial and non-financial resources will be
determined once the plan is finalized.
Targets
We had no other climate-related actions or targets in
2024.
Plans for 2025
Crayon’s new global ESG strategy includes
greenhouse gas emissions and climate-related risk as
one of the 16 ESG focus areas between 2025 and 2030.
It is also one of the top three ESG strategic priorities
for 2025. This reinforces the strategic relevance of
climate-related IROs in our business model.
Climate change mitigation through FinOps and GreenOps
FinOps and GreenOps as tools for positive
climate action
FinOps, a blend of "Finance" and "DevOps," is a
collaborative cloud financial management practice
that brings together IT, finance, and operations.
FinOps optimizes cloud infrastructure by selecting
sustainable cloud providers and eliminating
unnecessary resources, leading to potentially
measurable reductions in carbon emissions.
GreenOps complements FinOps by focusing on
environmental strategies aimed at minimizing
cloud waste and reducing ecological impact.
Organizations can utilize multi-cloud solutions
to track emissions across providers, calculate
CO
2
equivalents, and identify opportunities for
improvement.
Key pillars of GreenOps include:
• Understanding an organization’s cloud usage.
• Implementing basic optimizations, such as
decommissioning unused resources, reducing
over-provisioned services, and switching to
more carbon-efficient regions, architectures or
products.
• Modernizing IT architecture by adopting
technologies such as serverless computing and
containerization.
Crayon’s Cloud Cost Control FinOps and GreenOps
tool offers granular visibility into Scope 3 emissions
and will be expanded with more features to support
customer decision-making.
Case study:
Bodø municipality benefits from
Crayon’s GreenOps
Bodø Kommune, a municipality in Norway,
leveraged GreenOps to achieve financial and
environmental efficiency in its transition to
cloud services. Crayon's analysis revealed 4.59
tonnes of CO
2
emissions from cloud usage,
which were reduced by relocating virtual
machines to hydropower-driven regions in
Norway. This shift also minimized backup
power needs, saving costs on infrastructure
like a planned battery bank replacement while
lowering electricity consumption.
Through cloud resource optimization such
as eliminating redundancies and right-sizing
virtual machines, Crayon helped cut Azure
costs by 50%. These savings were reinvested in
essential services, demonstrating the societal
and environmental impact of sustainable IT
practices.
57
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to climate change
in 2024
Our GHG emissions
We perform an annual GHG inventory that measures
our Scope 1, 2, and 3 emissions. Our GHG inventory
covers our operations worldwide and is reported
to the CDP
1
. Crayon’s emissions are calculated in
line with the applicable international GHG Protocol
standards.
Progress on GHG emissions
In 2024:
• Our absolute market-based GHG emissions across
all three scopes declined by 4% compared to 2023.
• Our GHG emissions (economic) intensity declined
by 12% while revenue grew by 9.6% compared to
2023.
- Economic intensity refers to tons of CO
2
(market-
based) per million Norwegian Kroner (NOK) of
revenue.
Key drivers:
• Within Scope 1,1% of total market-based emissions
came from natural gas for heating. The remaining
2% came from petrol and diesel used by our leased
vehicles, refrigerants (fugitive emissions), and
diesel consumed by generators.
• Within Scope 2, purchased electricity accounted for
7% of our total market-based emissions, with heat
and steam contributing 0.2%.
• Within Scope 3, purchased goods and services
were the largest contributor (71% of Scope 3, 64%
of total market-based emissions), followed by
business travel (22% of Scope 3, 19% of total market-
based emissions).
To prepare for setting science-based targets we
improved our emissions methodology in 2024. This
included:
• Restating 2023 figures for better comparability.
• Expanding the number of reported Scope 3
categories from three to eight.
• More comprehensive and accurate data collection
and analysis.
Scope 1
Direct emissions created by a
company’s activities
Scope 2
Indirect emissions from a
company’s activities
Scope 3
Indirect emissions from all
other activities up and down
the value chain
Crayon’s total market-based emissions by scope
TOTAL SCOPE 1, 2 AND 3 MARKETBASED EMISSIONS BY REGION
Emissions category 2024 2023
Asia Pacific & Middle East Africa (%)
31% 31%
Europe (%)
17% 18%
Nordics (%)
42% 42%
United Sates (%)
10% 9%
Total
100% 100%
1
Formerly known as the Carbon Disclosure Project, the CDP is an
international organization that aims to improve organizations’
disclosure of their environmental performance by producing
annual questionnaires on climate change, supply chain, water,
and forests.
3%
2%
7%
8%
90%
90%
2024 2023
58
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
TOTAL EMISSIONS
Unit
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (metric tons of CO
2
equivalent) Tons . .
Percentage of Scope 1 GHG emissions from regulated emission trading
schemes (%)
% % %
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (metric tons of CO
2
equivalent) Tons ,. .
Gross market-based Scope 2 GHG emissions (metric tons of CO
2
equivalent) Tons ,. ,.
Significant Scope 3 GHG emissions
2
Total gross indirect Scope 3 GHG emissions Tons ,. ,.
Category 1: Purchased goods and services Tons ,. ,.
Category 3: Fuel and energy-related activities Tons . .
Category 5: Waste generated in operations Tons . .
Category 6: Business travel Tons ,. ,.
Category 7: Employee commuting Tons . .
Category 8: Upstream leased assets Tons . .
Category 11: Use of sold products Tons . .
Category 12: End-of-life treatment of sold products Tons . .
Total GHG emissions
Total location-based emissions (Scope 1 + 2 + 3) Tons ,. ,.
Total market-based emissions (Scope 1 + 2 + 3) Tons ,. ,.
1
Restated to reflect increased data accuracy.
2
Only the Scope 3 categories assessed as relevant and applicable to Crayon are shown. The remaining Scope 3 categories have been
assessed as not relevant or applicable to Crayon and are therefore excluded from our GHG inventory.
EMISSIONS INTENSITY
Location-based emissions intensity
Emissions intensity/employee (physical intensity) Ton/FTE . .
Emissions intensity/revenue (economic intensity) Ton/million (NOK) . .
Market-based emissions intensity
Emissions intensity/employee (physical intensity) Ton/FTE . .
Emissions intensity/revenue (economic intensity) Ton/million (NOK) . .
VALUES USED TO NORMALIZE OUR EMISSIONS DATA AND CALCULATE EMISSIONS INTENSITY
Unit
Employees Full-time equivalent employees (FTEs) ,. ,
Revenue
1
Millions (Norwegian Kroner) , ,
1
2024 revenue figures are reported on page 126, Note 2 of the financial statements in this document (2024 Annual Report); 2023 revenue
figures are reported on page 29, Note 2 of the 2023 Annual Report.
Group consolidation of Scope 1 and Scope 2
emissions
The Scope 1, 2 and 3 emissions reported reflect the
consolidated accounting group of Crayon Group
Holding ASA, including the parent and subsidiaries. We
follow the principle of operational control.
One investee—Cloud Direct Limited, a UK-based
company in which Crayon holds a non-controlling
interest—is excluded from the GHG inventory. This is
because Crayon does not have operational control
over the entity and we anticipate the entity’s emissions
are insignificant based on financial performance.
Cloud Direct is referenced in Note 24 of the financial
statements.
59
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our energy consumption and mix
In 2024, Crayon consumed a total of 8,849 MWh of
energy across its operations (2023:7,835MwH). This
was a 12.9% increase from 2023.
In 2024, 26% of our total energy consumption was
derived from market-based renewable energy
sources (2023: 15%).
Due to data constraints, it is unknown what percent-
age of our total energy consumption in 2024 was
derived from nuclear energy sources.
Crayon falls under the following NACE code and is
therefore not in a high climate impact sector:
NACE code Description
K.62.20 Computer consultancy and computer
facilities management
NACE code and description as provided by the EU Commission
(NACE Rev.2.1)
ENERGY CONSUMPTION IN CRAYON’S OWN OPERATIONS MWH
Total Crayon energy consumption within the organization ,. ,.
Total energy consumption within the organization from non-renewable sources ,. ,.
Consumption from heavy oil (petrol from leased vehicles) . .
Consumption of diesel from leased vehicles . .
Diesel from generators . .
Consumption of other non-renewable energy ,. ,.
Natural gas for heating of offices ,. ,.
Total energy consumption within the organization from renewable sources ,. ,.
Consumption of biomass energy . .
Consumption of purchased or acquired electricity, heat, steam, and cooling from
renewable sources
,. ,.
Consumption of self-generated non-fuel renewable energy . .
Total energy consumption within the organization from nuclear sources Unknown Unknown
Fuel consumption from nuclear energy Unknown Unknown
1
2023 figures are restated to reflect improved data accuracy.
We have updated both 2024 and 2023 metrics to include energy consumption not previously reported in other ESG disclosures such as the
2023 ESG Report: Diesel (generators); natural gas (office heating); consumption of electricity, heat steam and cooling from renewable energy
sources; consumption of self-generated non-fuel renewable energy; and consumption of fuel derived from nuclear energy sources.
60
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
The operational control approach determines
Crayon’s organizational boundary and in turn the
activities to be included in the GHG inventory. The
operational control principle applies to all emissions in
our greenhouse gas inventory:
• Scopes 1 and 2 – our organizational footprint.
• Scope 3 – our value chain footprint.
The reporting period is aligned to the 2024 calendar
year, which is Crayon’s financial year.
The Scope 1, 2, and 3 footprints have been calculated
to align with the Corporate Value Chain (Scope
3) Accounting and Reporting Standard of the
Greenhouse Gas Protocol, the accepted international
standard for GHG value chain modelling.
Emission factors are based on the most recent GWP
values published by the IPCC based on a 100-year
time horizon to calculate CO
2
equivalent emissions of
non-CO
2
gases.
Crayon did not include any removals, or any
purchased, sold or transferred carbon credits or GHG
allowances in the calculation of Scope 1, 2 and 3 GHG
emissions.
No emissions were reported under regulated trading
schemes, and we did not operate or finance any
carbon offset projects or apply internal carbon
pricing.
All relevant Scope 3 categories were assessed to
understand which categories are important, and to
comply with the GHG Protocol Scope 3 Standard.
Some Scope 3 emissions were calculated using
inputs from specific activities within Crayon Group’s
value chain. We estimate that 0.008% of our Scope 3
emissions were based on data from suppliers or value
chain partners.
Biogenic emissions
Our assessment is that we may have some biogenic
emissions, but they are not significant against the
backdrop of our total carbon footprint. We may have
biogenic emissions related to:
• Scope 1 – natural gas consumption (for heating)
and petrol and diesel consumption (for our leased
vehicles).
• Scope 2 – electricity consumption.
• Scope 3 – category 5 (waste) and category 6
(business travel).
We encountered data challenges such as
unavailability of biogenic emission factors, hence we
could not report biogenic emissions in detail for 2024.
We aim to improve this going forward.
Scope 1
Scope 1 emissions were based on natural gas,
stationary diesel, refrigerants (fugitive emissions) and
diesel and petrol associated with our leased vehicles.
Consumption (activity) data was supplemented with
estimates where relevant. We used 2024 emission
factors from BEIS and DEFRA.
Scope 2
Scope 2 emissions were based on purchased
electricity (location- and market-based) as well as
purchased heat and steam.
Scope 2 location-based emissions were calculated
using 2024 emission factors from IEA, AIB (Association
of Issuing Bodies) and the Energy Statistics Browser.
Scope 2 market-based emissions were calculated
using emission factors from the IEA and the
Association of Issuing Bodies. The 2024 publication on
the Residual Mixes and European Attribute Mix was
used. For locations where a residual mix factor was
not available, the location-based emission factor was
used.
We use guarantees of origin for renewable electricity
in Iceland and Norway, and a green certificate
in Latvia, covering 36% of Scope 2 market-based
emissions.
Purchased heat and steam in Scope 2 relates to
emissions from heating and cooling used in Crayon’s
offices across the world. Emission factors for district
heating were based on national public sources such
as DEFRA and Stockholm Exergi.
Scope 3
We reported on eight Scope 3 categories which were
found to be relevant and applicable to Crayon after a
screening exercise. Of the eight, purchased goods and
services is the biggest category.
Scope 3 emissions were calculated using 2024
emission factors from the EPA, BEIS, DEFRA, IEA, the
World Input-Output Database, and the Open Input
Output Database.
Category 1: Purchased goods and services
This is our largest Scope 3 category. Calculations
are based on spend data from Crayon’s financial
reporting systems, where expenses are logged by
each subsidiary and compiled in a group-level report
(PNL). These are mapped to spend-based emission
factors.
Expenses include a broad range of goods and
services: IT hardware, transportation and logistics,
facilities, insurance and more.
Software purchased by Crayon for internal use is
included. However, software and cloud licenses sold to
customers are excluded, as Crayon acts as an agent
for vendors and does not control the delivery or usage
in relation to customers.
Category 3: Fuel and energy-related activities
This category captures upstream emissions of fuel and
electricity used in Crayon’s not already accounted for
Scope 1 and Scope 2.
Emissions are calculated by multiplying electricity and
fuel consumption quantities by the relevant upstream
emission factors. For example, for natural gas this
includes a Well-to-Tank (WTT) emissions (i.e. before
combustion), and for electricity this includes WTT
(generation), WTT (transmission & distribution) and
transmission and distribution losses emissions.
Category 5: Waste
Emissions in this category relate to third-party
treatment and disposal of operational waste.
Waste types include residual waste, sorted and
mixed waste, hazardous waste, organic waste, and
wastewater.
Calculations are based on either actual reported
volumes or estimates per waste type.
Category 6: Business travel
This category includes emissions calculated based on:
• Transportation via air, rail, car and bus
• Hotel accommodation
• Distance-based travel allowances.
Emissions were calculated using a combination
of spend, distance, fuel and mode of transport,
depending on data availability. The emission factors
used for business travel include Tank-to-Wheel (TTW)
emission.
Category 7: Employee commuting
Category 7 covers emissions from employees’
transportation between home and their Crayon office
location. It does not include employees travelling in
vehicles hired by Crayon or staying in hotels paid for
by Crayon – this is captured in Category 6.
Commuting emissions are based on an assumed 227
working days and a 40% office/60% home working
split based on an internal employee survey. Emissions
from home working were calculated but are not
included in our footprint, in line with SBTi guidance.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Category 8: Upstream leased assets
Category 8 includes the upstream emissions relating
to the use of leased assets not accounted for in our
Scope 1 or 2 inventory. This includes offices leased
in co-working spaces where Crayon does not have
operational control.
The actual or estimated consumption per co-working
space for purchased electricity, natural gas and
refrigerants was multiplied by the appropriate full life
cycle emission factor to calculate total emissions.
Category 11: Use of sold products
Covers emissions from the use phase of hardware
products sold by Crayon in Iceland through our
subsidiary Sensa.
It is assumed that all hardware purchased in 2024 was
also sold that year, and that each product has a four-
year lifespan. Products were grouped by type, and the
most frequently sold item in each group was selected
as the “typical product.”
Lifetime electricity consumption per product was
calculated using manufacturer specifications, then
multiplied by the total number of units sold in each
category. Emissions were derived by applying
Iceland’s electricity emission factor to the total
calculated electricity consumption.
Software and cloud licenses sold to customers
are excluded. Crayon acts as an agent in these
transactions and does not control delivery, access, or
use.
Category 12: End-of-life treatment of sold products
Covers emissions from the disposal and waste
treatment of hardware products sold by Crayon in
2024. Emissions were calculated for the total quantity
of hardware products purchased by Crayon, on the
assumption they were all sold in the same year.
It is assumed that the electronic waste from hardware
sold is recycled. The category average was multiplied
by the number of products purchased to calculate
the total category weight. Emissions were calculated
by multiplying the total category weight with the
appropriate emission factor.
RELEVANT SCOPE 3 CATEGORIES
Scope 3 category relevant and applicable to Crayon
Category 1: Purchased goods and services
Due to our legacy systems for data collection and financial reporting, it is difficult to disaggregate emissions related to other
Scope 3 categories. Category 1 therefore also indirectly captures emissions related to:
• Category 2: Capital goods
• Category 4: Upstream transportation and distribution
• Category 9: Downstream transportation and distribution
Category 3: Fuel and energy related activities
Category 5: Waste generated in operations
Category 6: Business travel
Category 7: Employee commuting
Category 8: Upstream leased assets
Category 11: Use of sold products
Category 12: End-of-life treatment of sold products
NOT RELEVANT SCOPE 3 CATEGORIES
Scope 3 category not relevant or applicable to Crayon Reason for exclusion
Category 10: Processing of sold products Products sold by Crayon do not require further processing.
Category 13: Downstream leased assets Crayon has no downstream leased assets.
Category 14: Franchises Crayon has no franchises.
Category 15: Investments Crayon has no financed emissions. Any equity stakes are assessed
under the operational control approach and excluded if emissions
are considered insignificant.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
E5 RESOURCE USE AND CIRCULAR ECONOMY
Crayon incorporates and observes circular economy
principles in different ways, most substantially through
our sustainable device management program.
Processes to identify material resource
use and circular economy-related IROs
During our double materiality assessment, we
considered our own operations as well as the
upstream and downstream of our value chain. In line
with this process, other potential impacts, risks, and
opportunities — for example, waste — were considered
but not assessed as material.
Our existing sustainable device management
program stood out as an example of material and
meaningful circular economy-related impacts, risks
and opportunities aligned with our business model.
This conclusion was based on qualitative input from
a cross-functional group of internal subject matter
experts. No additional stakeholder consultations
were conducted beyond those already specified; for
example, potentially affected communities were not
consulted.
We took into account that within the context of our
sustainable device management program, Crayon is
an end-user or consumer of finished hardware items
and accessories manufactured or refurbished by other
actors such as original equipment manufacturers.
Crayon is a software reseller, acting as an agent to
facilitate downstream customers’ access to software
and cloud licenses that are provided by upstream
software publishers/vendors and hyperscale cloud
providers. As such, our IROs related to resource use
and circularity are limited to our own operations
where IT hardware is essential for our employees to
deliver on their respective roles.
Our assessment is that Crayon has an actual negative
impact through the generation of electronic waste
as well as the procurement of some hardware items
which contain rare earth metals and minerals such
as tantalum, palladium and platinum — thereby
contributing to resource depletion.
Conversely, Crayon has an actual positive impact
through our sustainable device management
program. Because it is built on circular economy
principles, the program inherently addresses
transitioning away from the use of virgin resources,
including relative increases in the use of secondary
(recycled) resources; it also addresses sustainable
sourcing and use of renewable resources.
About Crayon’s sustainable device
management program
The program aims to standardize Crayon’s
procurement and disposal of internal IT equipment
and hardware used by our employees — for example,
laptops, monitors, and accessories — to reduce
electronic waste and the use of virgin raw materials.
Where feasible, refurbished or recycled hardware
is procured in preference to newly manufactured
hardware.
A key feature of this global program is the
centralization of purchasing and disposal activities,
facilitated in part by a digital product catalog and
ordering portal.
Our IT hardware purchases are guided by the
following sustainability criteria:
1. At the procurement stage, ensuring all devices
are energy efficient, easily repairable, and
contain some recycled and non-toxic materials
and components. Life cycle assessments are also
available for some of the devices to help Crayon
choose the ones with the lowest carbon footprint.
2. While the devices are in use, defaulting to repair
and maintenance to prolong lifespans.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO RESOURCE USE AND CIRCULAR ECONOMY
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (actual)
• Promoting circular initiatives: Crayon supports a sustainable device
management program which is based on circular economy principles.
• Our global sustainable device management program is our main structured
initiative to reduce e-waste and promote circular economy principles.
• As part of the program, our IT hardware purchases are based on
sustainability criteria. At the end of life, the hardware is recycled or reused/
resold as refurbished items.
Own operations Short- and medium-term
n Negative impact (actual)
• Resource sourcing: Crayon sources IT hardware that contains rare earth
metals and minerals, as well as other virgin raw materials. The manufacture of
such hardware has negative environmental impacts.
Own operations Medium-and long-term
Foxway: Partnering with Crayon to lead
the circular IT revolution
Foxway is a leading provider of circular
IT services, helping businesses and public
organizations extend the lifecycle of their tech
through refurbishment, resale and reuse, and
more sustainable IT solutions. Headquartered
in Stockholm, Sweden, Foxway operates in
over 130 countries and employs more than
1,000 people.
Specializing in tech devices such as laptops,
desktops, tablets, and smartphones, Foxway
operates some of the largest proprietary
recommerce platforms in Northern Europe.
While prolonging the lifetime of each device
through multiple lifecycles is the core
business, the company also provides new
devices in collaboration with OEMs like HP,
Lenovo, Dell, and Acer. Through services
such as Device as a Service (DaaS) and IT
Asset Disposition (ITAD), Foxway enables
organizations to access both new and
premium refurbished tech, while minimizing
negative environmental impact.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
3. At the end of life, recycling or reselling all
hardware used by Crayon.
a. This includes reducing packaging waste by,
for example, returning old laptops to the
procurement vendors in the boxes the new
laptops were sent in.
Crayon works with an external procurement partner
named Foxway that specializes in asset life-cycle
management and has a local presence in multiple
countries.
Policies related to resource use and
circular economy
We do not have formal policies in place, but our
sustainable device management program is
administered in line with the contract and service
level agreement established with our service provider,
Foxway. Foxway is part of international initiatives such
as the Responsible Minerals Initiative, the Responsible
Labor Initiative, and the Responsible Factory Initiative.
Because the program involves refurbished or recycled
hardware, data privacy and information security are
key considerations. These concerns are addressed
through our service provider’s ISO 27001 certification
for information security management. Practical
security measures include device encryption and hard
drive erasure.
Looking ahead, we plan to formulate a new policy that
shapes our sustainable device management program
by articulating key performance indicators related to
e-waste and circular economy principles in our own
operations.
Governance
Crayon’s sustainable device management program
is led by our IT Director, who is part of the Global
IT Team. This team reports to the Chief Information
Officer, who in turn reports to the Chief Financial
Officer.
Following a successful launch in 2023, the program
has been integrated into Group IT’s regular
operations. Ongoing tasks are distributed across
several IT teams:
• IT support team: Handles employee requests
related to IT hardware as needed.
• Endpoint team: Manages hardware reviews and
updates. One dedicated resource is assigned to this
work.
• IT management and endpoint team: Jointly
manage vendor relationships, with one assigned
resource from each team.
Actions related to resource use and
circular economy in 2024
During the first half of 2024, we successfully rolled
out the sustainable device management program
to the remaining Crayon sites and now have global
coverage. Procurement of new and refurbished
enterprise hardware – such as videoconferencing
equipment – is not yet included in the program.
However, our service provider manages the recycling
of enterprise hardware that is already in use by
Crayon. By standardizing office equipment, we are
limiting the amount of uncontrolled hardware.
In terms of program evolution, we are working with
our service provider to develop a new online portal.
This platform will improve the user experience,
streamline the ordering process, strengthen asset
management and provide direct access to ESG data.
Based on continuous user feedback, we have updated
our device catalog. Recent changes include the
addition of devices powered by ARM microchips
for improved performance, battery life, and AI
capabilities. We have also removed buffer stocks
for high-performance devices to reduce costs and
discontinued custom devices to simplify the catalog
and further optimize expenses.
Additionally, we are reviewing a potential new
(supplementary) provider in the APAC region to
address challenges related to local regulations, as
our current service provider has faced significant
difficulties in this area.
Plans for 2025
Crayon’s new global ESG strategy includes e-waste
and circular economy as one of the 16 ESG focus areas
between 2025 and 2030. In this way, the IROs related
to resource use and circular economy influence our
business strategy and business model.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to resource use and circular economy
2024 METRICS FOR SUSTAINABLE DEVICE MANAGEMENT PROGRAM
Indicator 2024 Comments
Number of IT devices procured by Crayon Total of 950 devices purchased in 2024:
• 150 monitors
• 545 laptops
• 66 PC docking & hub stations
• 187 mice, keyboards and pens for PCs
• 2 PC desktops
-
Number of IT devices recycled or resold after use by Crayon Total of 293 IT devices were recycled or resold after use by Crayon in 2024:
• 203 reused (sold again)
• 90 recycled
Reuse and recycling of hardware procured by Crayon prior to the launch of the sustainable
device management program.
Disclosure of information on material resource inflows Foxway delivered electronics and packaging of electronics to Crayon. The content of the products
included materials such as:
Electronics
• Metals: Aluminum, Steel, Gold, Tin, Copper, Gold, Magnesium
• Plastics: New and recycled Plastics
• Minerals: Lithium, Cobalt, Tantalum, Tungsten, Rare earth elements (e.g. lanthanum, cerium,
neodymium, and dysprosium)
Packaging
• Biological materials: virgin and recycled wood fibers
-
Overall total weight of products and technical and biological
materials used during the reporting period
2,112 tonnes
Weight of products
275 kg
Weight of biological packaging materials
Device numbers are based on the assumption of same use density as for purchased
devices.
Total weight of 547 laptops procured in 2024, 150 Monitors procured, and computer
accessories (incl. docking stations & hubs & PC mouse and keyboards).
Packaging material estimates are based on primary, secondary and tertiary packaging.
Percentage of biological materials (and biofuels used for non-
energy purposes)
100%
Percentage of biological materials used in packaging
Packaging uses biological materials in the form of paper and cardboard. Estimates are
based on primary, secondary and tertiary packaging.
The absolute weight of secondary reused or recycled
components, secondary intermediary products and secondary
materials used to manufacture the undertaking’s products and
services (including packaging)
33.9 kg
Recycled material in the 60 Apple laptops procured by Crayon in 2024 (excluding packaging)
25.8kg
Recycled material in the packaging of the 60 Apple laptops procured by Crayon in 2024
Data unavailable for most products due to lack of data disclosure by the OEMs. Apple
discloses data for Apple MacBook Pro and Air.
Percentage of secondary reused or recycled components,
secondary intermediary products and secondary materials
36.4%
Average for Apple Macbook Pro and Air laptops based on Apple product data sheets
Data unavailable for most products (due to lack of data disclosure by the OEMs).
All metrics are being reported for the first time in 2024. We prioritised the current reporting period (2024) and it was impracticable for us to provide comparative metrics for previous years.
The metrics on number of IT devices procured and either reused or recycled are optional entity-specific data points that we have chosen to include for completeness.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
Data sources
We have relied on our service provider for all metrics
related to our sustainable device management
program for the 2024 reporting period. In turn, for
some metrics our service provider has made estimates
based on proxies, where the publicly available data of
a limited number of original equipment manufacturers
(OEMs) are considered to be representative proxies
(indirect sources) for the IT hardware industry. We
consider these proxies to constitute value chain
estimates, the accuracy of which is constrained by not
covering all brand and device types.
Our service provider indicated to Crayon that full
and in-depth availability of the supplier-specific
data points to comply with ESRS E5 requirements is a
challenge that will remain difficult to address for the
foreseeable future.
External validation
Other than review by our limited assurance provider,
the reported performance metrics related to resource
use and circular economy are not validated by an
external body.
Approach
1. Materials disclosed in resource inflows are
extracted from the OEM product information of
Apple and Lenovo, product information sections.
2. Methodology to calculate the total weight of
products and technical and biological materials
used during the reporting period:
515 Laptops * 1,55 Kg + 111 Monitors * 10,8 Kg +
66 PC Docking & Hub*0,33 Kg + 187 PCs Mouse,
keyboard & pen* 0,5 Kg = 2,112 tonnes
3. Packaging
Biological materials in packaging
The methodology to calculate the weight and
percentage of biological materials in primary,
secondary and tertiary packaging was estimated
based on a combination of packaging data from
Apple and Lenovo (for devices shipped individually),
and packaging data from our service provider (for
consolidated shipments of multiple devices).
Based on product data sheets, 100% of the original
packaging from Apple and Lenovo is made of paper
and cardboard.
All packaging within our service provider’s
organization is 100% paper and cardboard (e.g. paper
tape) and is therefore categorized as biological.
Recycled materials in packaging
The methodology to calculate the absolute weight of
recycled materials in packaging was based on Apple
product data sheets. Apple discloses data for Apple
MacBook Pro and Air. Assuming 430g of recycled
content in the packaging of each Apple device, and 60
devices purchased by Crayon in the reporting period:
60 Apple laptops * 430g = 25800g (25.8kg)
Data challenges concerning packaging
Data availability for packaging materials is a
challenge because:
• Some shipments are consolidated when outbound,
whereas others are not.
• Depending on the country in question, the
local approach to packaging may differ to
accommodations norms and regulations.
• Some manufacturers share information about their
packaging (e.g. Apple), whereas others do not. It
is therefore difficult to establish structured and
standardized data collection.
Our service provider is investigating ways to address
these data challenges.
4. The methodology to calculate the absolute weight
of secondary reused or recycled components in
hardware devices was based on Apple product
data sheets. Apple discloses data for Apple
MacBook Pro and Air. Assuming a weighted
average of 36.4% recycled content per Apple unit/
device, and 60 Apple devices purchased by Crayon
in the reporting period.
5. The weight of each product purchased by Crayon
via our service provider was sourced online
(product data sheets) and then multiplied by the
quantity of that product sold to Crayon in 2024.
The final step of the calculation was to multiply
the weighted average with the product groups
disclosed above.
6. Data about products in use at Crayon is extracted
from our service provider’s financial systems.
Our service provider does not register the use of
accessories and assumed that sold devices equals
used devices for this category.
Targets
We did not have 2024 targets related to resource use
and circular economy because our sustainable device
management program is still in the nascent stages.
Our initial focus has been on a successful launch,
followed by a discovery period to gauge the different
levers to effect change within the program.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
EU TAXONOMY
About the EU Taxonomy Regulation
The EU Taxonomy Regulation aims to boost investment
in environmentally friendly activities by creating a
common language and framework for investors,
issuers, and policymakers. It is a key element of the
European Green Deal’s aspirations for Europe to
become a climate-neutral continent by 2050.
The taxonomy provided in the Regulation is a
classification tool that enables companies to
categorize their business activities as:
• Taxonomy-eligible
Having the potential to be considered sustainable
and potentially contribute to one of the six
environmental objectives laid out in Article 9 of the
Regulation.
• Taxonomy-aligned
Being taxonomy-eligible whilst also meeting
additional criteria specified in the Regulation,
such as complying with minimum safeguards, not
significantly harming any of the environmental
objectives, and that the economic activity is
environmentally sustainable.
Norway’s Sustainable Finance Act, which entered into
force on 1 January 2023, is the Norwegian legislation
capturing the requirements of the EU Taxonomy
Regulation and its delegated acts, including the
Disclosures Delegated Act. Consequently, in-scope
companies incorporated in Norway such as our parent
Crayon Group Holding ASA, are required to report in
line with Article 8 of the EU Taxonomy Regulation.
Our scope of reporting
The taxonomy reporting period is aligned with
the broader annual report, and is 1 January to 31
December 2024. This is Crayon’s second year reporting
in accordance with the EU Taxonomy Regulation – our
previous disclosures are in our 2023 ESG Report.
The information is prepared on a group consolidated
level and presented in Norwegian Kroner (NOK), as in
the consolidated financial statements.
As required by law, this report covers Crayon’s
business activities that are either eligible or non-
eligible under the Taxonomy.
Progress made in evaluating our
economic activities in 2024
Our analysis in 2024 showed that some of Crayon’s
core business activities are eligible and could
potentially be aligned with the relevant, in-scope
economic activities identified in the Climate Delegated
Act.
We screened the EU-Taxonomy criteria, to create a list
of economic activities that could potentially be eligible
and/or aligned. The description of each economic
activity was mapped against our operations and the
broader context to establish the best possible fit.
Three activities were assessed to be relevant to the
Taxonomy, and we have focused our KPI disclosures
on these to ensure our reporting remains transparent
and reliable:
• 8.1 Data processing, hosting, and related activities
• 7.7 Acquisition and ownership of buildings
• 6.5 Transport by motorbikes, passenger cars, and
light commercial vehicles
In addition to the activities above, activity 4.1.
Provision of IT/OT data-driven solutions and software
could potentially be in scope, where the potential
environmental benefits of our FinOps and IT Asset
Management (ITAM) initiatives can be significant.
Through FinOps, we optimize cloud infrastructure,
selecting sustainable cloud providers and eliminating
unnecessary resources, which may translate into a
measurable reduction in carbon emissions. ITAM
complements FinOps by managing the lifecycle
of hardware and software assets. This approach
may help reduce e-waste and extend the use of IT
resources. These projects are one of many initiatives
RELEVANT ACTIVITIES
Economic activity as described
in the Climate Delegated Act In-scope Crayon services and solutions
Relevant environmental
objective in the Taxonomy
8.1 Data processing, hosting,
and related activities
Crayon operates three data centers in Norway and Iceland. One
data center is owned by us, and we lease capacity in the other two.
Our data centers assist clients in lowering their carbon footprint
by migrating, storing, and processing their data from less energy
efficient on-premises facilities to our efficient data centers. The
data centers are powered by renewable energy sources.
Climate mitigation
7.7 Acquisition and ownership
of buildings
This activity includes all leased buildings used in Crayon's business.
which are accounted for in accordance with IFRS 16.
Climate mitigation
6.5 Transport by motorbikes,
passenger cars, and light
commercial vehicles
This activity includes all leased vehicles used in Crayon’s business
which are accounted for in accordance with IFRS 16.
Climate mitigation
within Crayon and are considered to be a small
portion of Crayon's overall business.
While we believe aspects of such projects could
contribute to circularity, we currently lack the
necessary data to substantiate this claim. It is essential
for Crayon to provide accurate and measurable
evidence of how any activity aligns with the principles
of circularity. We are committed to further developing
our methodologies and gathering the required data to
support this in future reports.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our Taxonomy KPIs in 2024
For each relevant business activity, the EU Taxonomy
requires companies to disclose the percentage of their
turnover, operating expenditures (OpEx) and capital
expenditures (CapEx) that is eligible, non-eligible and
aligned.
The table below presents our findings on eligibility and
alignment in 2024.
In 2023, we indicated zero eligibility and alignment
for turnover, CapEx, and OpEx due to our ongoing
comprehensive assessment to determine which
activities align with the EU Taxonomy. Although we
made significant progress, we could not complete
the analysis in time for that report. We finalized the
assessment in 2024 and can therefore provide more
detailed data on eligibility.
For 2024, we have indicated a zero percent
alignment share in this report due to data challenges
related to documentation such as building energy
classifications. We are committed to addressing this
issue and will work to improve our documentation and
alignment assessment in 2025. We do not currently
have adequate documentation to effectively assess
the alignment criteria, as this requires evaluation
against certificates and external documentation,
such as vehicle fuel consumption and building
energy classifications. In some cases, the available
documentation is incomplete, which limits our ability
to produce a reliable report on alignment.
Reporting principles
Our report presents financial data based on
International Financial Reporting Standards (IFRS) as
adopted by the EU, reflecting Crayon's consolidated
financial statements.
In alignment with the Disclosures Delegated Act
(Commission Delegated Regulation (EU) 2021/2178),
Crayon’s reporting includes a breakdown of Key
Performance Indicators (KPIs) on turnover, capital
expenditure (CapEx), and operating expenditure
(OpEx). Each KPI captures the financial impact of
taxonomy-eligible or -aligned activities.
KPI reporting requirements
1. Aligned activities: Turnover, CapEx, and OpEx
derived from activities that meet EU taxonomy
alignment criteria.
2. Eligible but not aligned activities: Financials
related to activities eligible for taxonomy but not
yet fully aligned.
3. Non-eligible activities: Turnover, CapEx, and OpEx
from activities that do not meet taxonomy eligibility.
Our reporting principles ensure that turnover, CapEx,
and OpEx calculations are based on the methodology
prescribed in the EU taxonomy regulation that details
how each KPI component is determined, and values
are allocated to the numerator.
The framework specifies how revenues and
expenditures are distributed across economic
activities, with references to relevant financial
statement line items. For comparative period changes,
any methodological updates that enhance accuracy
will be disclosed, including restated figures for
previous KPIs where applicable. Material adjustments
in CapEx plans will also be documented, along with
explanations of how these changes affect Crayon’s
eligibility and alignment timeline and sustainability
objectives.
Our accounting policies
Crayon’s reporting on KPIs is based on the accounting
policy for KPI calculation across the four major
business areas, Software & Cloud Direct, Software
& Cloud Channel, Software & Cloud Economics, and
Consulting:
Net Turnover KPI is the share of net turnover from
taxonomy-aligned or -eligible products or services.
This KPI follows the Disclosures Delegated Act (Annex
I) and measures the taxonomy-aligned or eligible
portion (numerator) against the total net turnover
(denominator) per Directive 2013/34/EU. The net
turnover includes sales revenue per IFRS 15, excluding
rebates, VAT, and other turnover-linked taxes, and
recognizes revenue per IAS 1.82(a). The net turnover
can be reconciled as revenue in the Consolidated
statement of profit or loss and other comprehensive
income on page 121.
CapEx KPI measures the proportion of capital
expenditures aligned or -eligible with taxonomy
requirements or part of a credible alignment plan.
The denominator covers additions to tangible and
intangible assets for the financial year, excluding
depreciation, amortization, and fair value changes.
The capital expenditures comply with relevant IAS and
IFRS standards, including specific property, intangible
assets, and lease criteria.
EU TAXONOMY ELIGIBILITY AND ALIGNMENT KPIS IN 2024
Key performance indicator (KPI)
Total
(NOK millions)
Eligible
(NOK millions)
Eligible
(%)
Non-eligible
(%)
Aligned
(%)
Net Turnover , .% .% %
Capital Expenditure .% .% %
Operating Expenditure .% .% %
Note: The information is prepared on a group consolidated level and presented in Norwegian Kroner (NOK), as in the consolidated financial
statements.
The numerator includes CapEx associated with
taxonomy-aligned or taxonomy-eligible activities
and primarily consists of additions of leased assets
based on IFRS 16 calculations. The total CapEx can be
reconciled as additions in Note 7 Equipment and right-
of-use assets and Note 8 Intangible assets in the Notes
to Consolidated Financial Statement on page 133 and
135.
OpEx KPI indicates the proportion of operational
expenditures related to taxonomy-aligned or -eligible
activities. The denominator includes maintenance
and short-term leases necessary for asset upkeep.
The numerator reflects OpEx linked to taxonomy-
eligible activities, mainly comprising non-capitalized
short-term leases and certain costs for asset upkeep
related to activity 7.7. Repair, maintenance and non-
capitalized research and development is not relevant
for Crayon in 2024 and is not reflected in the OpEx KPI.
Double counting
For the CapEx and OpEx allocations, we have
identified the relevant purchases and measures as
well as the primary related economic activity in the
Climate Delegated Act. In this way, we ensure that no
CapEx or OpEx is double counted.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
TURNOVER KPI
Financial Year 2024 2024 Substantial Contribution Criteria DNSH criteria (Does Not Significantly Harm)
Economic Activities (1) Code (2)
NOK
millions % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
Of which Enabling 0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
Of which Transitional 0.0 0.00% 0% N N N N N N N 0% T
A.2 Taxonomy Eligible but not environmentally sustainable activities
(not Taconomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Acquisition and ownership of buildings CCM 7.7 2.0 0.03% EL N/EL N/EL N/EL N/EL N/EL 0%
Data processing, hosting and related activities CCM 8.1 1.9 0.03% EL N/EL N/EL N/EL N/EL N/EL 0%
Turnover of Taxonomy eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
3.8 0.05% 0.05% 0% 0% 0% 0% 0% 0%
A. Turnover of Taxonomy eligible activities (A.1+A.2) 3.8 0.05% 0.05% 0% 0% 0% 0% 0% 0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy non-eligible activities 7,008.2 99.95%
TOTAL 7,012.1 100%
Turnover (3)
Proportion of Turnover, year 2024 (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.)
or eligible (A.2.) Turnover, 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
Performance related to the EU Taxonomy
69
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CAPITAL EXPENDITURE CAPEX KPI
Financial Year 2024 2024 Substantial Contribution Criteria DNSH criteria (Does Not Significantly Harm)
Economic Activities (1) Code (2)
NOK
millions % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
Of which Enabling 0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
Of which Transitional 0.0 0.00% 0% N N N N N N N 0% T
A.2 Taxonomy Eligible but not environmentally sustainable
activities (not Taconomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Transport by motorbikes, passenger cars, and light commercial
vehicles
CCM 6.5 4.5 2.20% EL N/EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of buildings CCM 7.7 47.7 23.51% EL N/EL N/EL N/EL N/EL N/EL 0%
Data processing, hosting and related activities CCM 8.1 0.2 0.11% EL N/EL N/EL N/EL N/EL N/EL 0%
CapEx of Taxonomy eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
52.4 25.82% 25.82% 0% 0% 0% 0% 0% 0%
A. CapEx of Taxonomy eligible activities (A.1+A.2) 52.4 25.82% 25.82% 0% 0% 0% 0% 0% 0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy non-eligible activities 150.6 74.18%
TOTAL 203.0 100%
CapEx (3)
Proportion of CapEx, year 2024 (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.)
or eligible (A.2.) CapEx, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
Performance related to the EU Taxonomy (ctd)
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
OPERATING EXPENDITURE OPEX KPI
Financial Year 2024 2024 Substantial Contribution Criteria DNSH criteria (Does Not Significantly Harm)
Economic Activities (1) Code (2)
NOK
millions % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0%
Of which Enabling 0.0 0.00% 0% 0% 0% 0% 0% 0% N N N N N N N 0% E
Of which Transitional 0.0 0.00% 0% N N N N N N N 0% T
A.2 Taxonomy Eligible but not environmentally sustainable
activities (not Taconomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL
Acquisition and ownership of buildings CCM 7.7 27.5 59.59% EL N/EL N/EL N/EL N/EL N/EL 0%
Data processing, hosting and related activities CCM 8.1 0.9 2.04% EL N/EL N/EL N/EL N/EL N/EL 0%
OpEx of Taxonomy eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities) (A.2)
28.4 61.64% 61.64% 0% 0% 0% 0% 0% 0%
A. OpEx of Taxonomy eligible activities (A.1+A.2) 28.4 61.64% 61.64% 0% 0% 0% 0% 0% 0%
B. TAXONOMY NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy non-eligible activities 17.7 38.36%
TOTAL 46.1 100%
OpEx (3)
Proportion of OpEx, year 2024 (4)
Climate Change Mitigation (5)
Climate Change Adaptation (6)
Water (7)
Pollution (8)
Circular Economy (9)
Biodiversity (10)
Climate Change Mitigation (11)
Climate Change Adaptation (12)
Water (13)
Pollution (14)
Circular Economy (15)
Biodiversity (16)
Minimum Safeguards (17)
Proportion of Taxonomy aligned (A.1.)
or eligible (A.2.) OpEx, year 2023 (18)
Category enabling activity (19)
Category transitional activity (20)
Performance related to the EU Taxonomy (ctd)
71
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
After an assessment of our activities, we concluded that in 2024 Crayon did not have any exposure to or
involvement in activities related to either nuclear energy or fossil gas.
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as
well as their safety upgrades, using best available technologies.
No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear
energy, as well as their safety upgrades.
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and
power generation facilities using fossil gaseous fuels.
No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities
that produce heat/cool using fossil gaseous fuels.
No
Performance related to the EU Taxonomy (ctd)
72
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SUSTAINABILITY STATEMENTS
SOCIAL
S1 Own workforce
S2 Workers in the value chain
S1 OWN WORKFORCE
Crayon is a reliable employer and a people-centric
organization. We consciously adopt an inclusive,
partnership-oriented philosophy into our relationships
with our employees.
Processes to identify material IROs
related to own workforce
Through our double materiality assessment, we
evaluated both the impact and financial materiality
of key workforce topics. The material IROs related to
our own workforce that emerged from our DMA are
described throughout this section (S1). Note that we
have made entity-specific disclosures related to the
following topics in S1:
• Talent attraction and recruitment practices.
• Flexible work arrangements.
• Employee security.
We found that our Crayon-specific material IROs
related to the above were not sufficiently covered
under the ESRS framework, hence the need for entity-
specific disclosures.
In addition, where appropriate we supplement ESRS-
mandated disclosures with entity-specific data points
– for example within training and skills development or
diversity, equity, inclusion and belonging (DEIB) –
to ensure comprehensive reporting.
Material impacts, risks, and
opportunities related to own workforce
All employees in our own workforce who could
be materially impacted by Crayon are included
in the scope of our disclosures under ESRS 2. The
methodology statement at the end of S1 provides our
definition of employees and non-employees.
Based on currently available information:
• We have no operations at significant risk of forced
labor, compulsory labor or child labor.
• We have no indications that employees with
specific characteristics or in certain geographies
face higher risk than others within our workforce.
• We do not yet have a climate transition plan, and
therefore no related material IROs are identified.
Other workforce-related material IROs that emerged
from our double materiality assessment are discussed
throughout the remainder of S1. These include the
interaction of the IROs with our business model and
strategy, usually under the heading Plans for 2025.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Our workforce profile –
key employee characteristics
Total number of employees and turnover
In 2024, Crayon had 4,182.06 full-time equivalent
employees (2023: 4,021), indicating a 4.03% increase
in our workforce (in full-time equivalent numbers)
compared to 2023 (2023: 16.65% growth compared to
2022).
Our employee turnover rate was 16.84% in 2024 (2023:
21.3%), representing a net total of 677 employees who
left the organization in 2024.
Geographic distribution
ESRS SBM-1 40aiii
In 2024, most of our employees were located in:
• Asia Pacific and Middle East Africa, mainly in India,
the Philippines and Australia.
• The Nordics, primarily at our headquarters in
Norway.
Together, these regions accounted for 67% of our total
workforce in 2024.
The distribution of our employees around the world in
2024 was as follows:
Employees by region 2024
Region Number of employees
Asia Pacific & Middle East Africa ,.
Europe ,.
Nordics ,.
United States of America .
Total
,.
These metrics are being reported for the first time in 2024.
We prioritized the current reporting period (2024), and it was
impracticable for us to provide comparative metrics for previous
years. In our previous ESG disclosures (stand-alone 2023 ESG
Report) we reported the percentage breakdowns only and not the
number of employees. We also previously reported on different
regional clusters.
In addition, countries where we had at least 50
employees simultaneously representing at least 10%
of our total number of employees in 2024 are shown
below:
Country Number of employees
India
Norway .
These metrics are being reported for the first time in 2024.
We prioritized the current reporting period (2024), and it was
impracticable for us to provide comparative metrics for previous
years.
Employees by gender and contract type
Men represented the majority of our overall workforce
in 2024 at 66.98% (2023: 68%), and women the
minority at 32.51% (2023: 32%). The ‘other’ category
accounted for 0.5% of our workforce in 2024.
In terms of contract type, our employees are generally
classified as either permanent or temporary (fixed-
term).
Crayon has no contracted employees with non-
guaranteed working hours. In 2024 the employees
with permanent contracts were 4,133.5 (98.82%), and
1.18% had fixed-term contracts. Permanent and fixed-
term contracts are fairly evenly divided between men
and women, based on the overall gender split we see
throughout the entire organization.
Methodology
Data sources and reporting periods
The FTE figures reflect the status as of 31 December
2024.
The data points on our workforce profile and
employees were extracted from the following sources:
• Global HR system (TalentSoft): Core data was
extracted and compiled in an Excel spreadsheet,
based on full-time equivalent (FTE) employees.
Gender composition of the workforce
Male ,. ,.
Female ,. ,.
Other -
Total employees ,. ,
The slight differences in the totals are due to rounding. In our 2023 ESG Report, we previously reported on the gender composition of our
workforce by percentage. The 2024 reporting period is our first time reporting on the gender composition by number of employees. It is
also our first time expanding the gender categories to include ‘other’.
Contract types 2024
Female Male Other Total
Number of employees ,. ,. .
Number of permanent employees ,. ,. ,.
Number of temporary employees . . .
Number of non-guaranteed hours employees
The slight differences in the totals are due to rounding. These metrics are being reported for the first time and were not previously part
of our ESG disclosures. We prioritized the current reporting period (2024), and it was impracticable for us to provide comparative metrics
for previous years.
Asia Pacific &
Middle East Africa (37%)
Europe (25%)
Nordics (30%)
United States of
America (8%)
Employees by region 2024
20232024
Technical Management All other employees
45.19% 46.03%
17.72% 17.92%
37.96% 36.05%
Employees by type of role
The slight differences in the totals are due to rounding. These
metrics are optional, entity-specific data points that were previously
reported in our stand-alone 2023 ESG Report. We have chosen to
include and continue reporting on them in the current reporting
period (2024) for the completeness of reporting.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
• Local subsidiaries: Each entity provided additional
data at the end of the reporting period, using a
standardized questionnaire developed for this
report.
The reporting period covers 1 January 2024 to 31
December 2024.
Definition of employees and non-employees
We define our employees as full-time equivalent
employees. A 100% position is equivalent to 1
employee, and an 80% position is equivalent to 0.8
employees. The definition of FTEs includes:
• Permanent employees.
• Temporary employees.
• Permanent contractors.
• Interns.
Excluded from FTEs are temporary contractors
and sub-contractors hired by Crayon. We refer
to temporary contractors and sub-contractors as
non-employees. While they are described in this
methodology statement, non-employees are not
included in any metrics reported in S1.
Definitions of contract types
Permanent employees and contractors
This employee type is hired on an ongoing, indefinite
basis with no set end date, including all benefits.
Fixed term and temporary employees
Fixed term and temporary employees are hired for a
specific period or project, usually with a set end date.
Their contract automatically ends when the term
expires.
This category also includes interns, who are hired for
short-term, project-based work with a set contract
duration.
This category excludes temporary contractors and
sub-contractors.
Employee turnover calculation
The employee turnover rate is defined as all
departures (number of employees who leave
voluntarily or due to dismissal, retirement, or death in
service), divided by the average workforce over the
reporting period.
Cross-reference to financial statements
Note 4 of the financial statements on page 130 reports
on the following metrics:
• The number of FTEs in Crayon’s workforce in 2024.
• The representation of women in our workforce in
2024.
Assumptions
• We rely on our local subsidiaries to keep the master
data in TalentSoft accurate and up to date.
• All active users are registered in the system.
• Access to the Crayon domain is handled through
automatic user creation in Active Directory, which
ensures that data is accurate.
Limitations and challenges
• TalentSoft is a complex human resource
information management system, and we have
experienced some system-related challenges.
• To address these, we apply manual checking
routines and engaging with TalentSoft to problem-
solve.
• Local subsidiaries keep master data updated
at any time and do not backdate end date on
employees.
External validation
These metrics are not validated by an external third
party other than the limited assurance provider.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Talent attraction and recruitment
practices
Entity-specific
Policies related to talent attraction and
recruitment practices
While we do not have formal policies in place, we do
have structured initiatives that address the identified
IROs related to talent attraction and recruitment
practices.
Governance
Our global Talent Acquisition Team reports to the
Chief Human Resources Officer to secure group-
wide alignment on talent attraction and recruitment
practices.
Hiring managers receive training to ensure fair and
equal treatment of all candidates throughout the
recruitment process.
Actions related to talent attraction and
recruitment practices in 2024
In 2024, Crayon introduced significant measures to
attract and retain key talent, particularly within areas
where we faced the greatest skills shortages. AI, cyber
security, and cloud architecture presented the most
significant talent attraction challenge for us.
Key actions included:
• Targeted recruitment campaigns in collaboration
with hiring managers
• Enhancement of our employee referral program
• Review and adjustment of compensation packages
based on benchmarking insights.
• Investment in upskilling programs for existing
employees, including vendor certifications.
• Local career pathing initiatives to reduce employee
turnover and reassure employees about their
future at Crayon.
• Regular performance review and professional
development discussions.
• Global and regional mentorship opportunities.
• Introduction of a standardized global exit survey
and interview process to capture insights from
departing employees.
Plans for 2025
Looking ahead to 2025, we have ambitious plans to
further strengthen our employer branding and attract
top talent. Internally, our focus will be on industry
benchmarking to structure career development
opportunities.
Crayon’s new global ESG strategy includes talent
attraction and recruitment practices as one of the 16
ESG focus areas in the 2025 - 2030 strategy. In this
way, the material IROs related to talent attraction and
recruitment practices influence our business strategy
and business model.
Performance related to talent attraction
and recruitment practices
As described in our workforce profile, our total work-
force grew by 4.03% in 2024. Our overall turnover rate
in 2024 was 16.84%, down from 21.3% in 2023. This
reduced turnover is a testament to the effectiveness of
our efforts to attract and retain employees.
2024 2023
Employee turnover rate (%) .% .%
Increase in employees (%) .% .%
We previously reported on our employee retention rate and increase
in employees in our stand-alone 2023 ESG Report. This is our first
time reporting on our employee turnover rate.
Employee sentiment
In 2024, Crayon’s employee net promoter score (eNPS)
was 42.9, compared to 44.5 in 2023. While slightly
lower than the previous year, the score remains strong
and indicates a positive employee experience.
The eNPS ranges from -100 to 100:
• Scores between 50–70 are considered excellent.
• Scores between 10–30 are considered good.
• Scores below 0 indicate more detractors than
promoters.
Encouragingly, based on our 2024 employee
net promoter results 87.14% of employees would
recommend Crayon as a place to work (2023: 88.1%).
Methodology
Due to the entity-specific nature of the material
IROs, this section is named Talent attraction and
recruitment practices. For our performance metrics,
we have drawn on self-selected ESRS data points
from the section Our workforce profile – key employee
characteristics.
Definitions and calculation methodologies
• The employee turnover rate is defined as all
departures (number of employees who leave
voluntarily or due to dismissal, retirement, or death
in service), divided by the average workforce over
the reporting period.
• The increase in employees is defined as net new
headcounts globally during the same period.
Employee net promoter score
The eNPS (employee net promoter score) is an
internationally recognized metric to measure
employee satisfaction and engagement within an
organization. Its core focus is how likely someone is to
recommend the company as a great place to work.
The eNPS is independently administered and ensures
unbiased results.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO TALENT ATTRACTION AND RECRUITMENT PRACTICES
IRO type Description Actions taken Position in value chain Time horizon
• We implement targeted recruitment campaigns in critical skills areas where
we have shortages, offer competitive remuneration, and offer rewarding and
useful training and professional development.
• Our career pathing and planning initiatives provide our employees with a
clear picture of their career progression possibilities at Crayon.
n Risk
• Turnover rates: Skilled tech talent is in high demand globally, and strong
competition can impact Crayon’s ability to deliver services as planned,
potentially affecting business performance.
Own operations Medium-term
n Risk
• Key talent: Talented employees are essential to our business. To attract and
retain them, Crayon continuously adapts its recruitment practices.
Own operations Medium-term
n Risk
• Career paths: There is a risk that employees in Crayon do not see clear growth
opportunities and therefore leave for larger companies and competitors.
Own operations Short- and medium-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Data sources
The data for employee turnover rate and increase
in employees was sourced from TalentSoft, Crayon’s
human resource information management system.
The eNPS score was sourced through annual
employee feedback survey, carried out with an
external provider.
Assumptions, limitations, and challenges
We trust the data provided in TalentSoft, which is
fed by the local/ regional HR – including regular
validations from the global HRIS team. The eNPS
score is based on a participation rate of 62% in our
global annual employee feedback survey, and should
therefore be considered an indicative assumption
rather than a definitive measure.
External validation
None of the data provided in this section was
validated by an external third party other than the
limited assurance provider.
Targets
We have not outlined specific targets related to
talent attraction and recruitment practices in our
own workforce. However, we do track the net new
recruitments annually.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Remuneration and social protection
At Crayon, we are committed to ensuring that our
employees are well-compensated and supported in
all aspects of their professional and personal lives.
Policies related to remuneration and social
protection
Crayon offers generous and competitive remuneration
to attract and retain world-class talent.
Our global executive remuneration policy forms the
basis for the annual remuneration report. Additionally,
our local policies on remuneration and benefits
comply with local laws and regulations.
Crayon assesses local benefit structures annually
in collaboration with the local human resources
representatives to align on a global approach.
Currently, there is no global benefits scheme, except
for medical and mental health support.
Our health insurance offerings are comprehensive,
providing additional coverage for a wide range of
medical needs. We also offer well-being programs
around the world to always support the mental and
physical health of our employees.
Governance
The remuneration policy for the executive
management team is updated and approved by the
remuneration committee and the board of directors.
All local policies are administered by the local human
resources representative, subject to prior approval by
local and regional management teams.
Accessibility
Local policies are made available through internal
information-sharing portals and materials, including
country-specific handbooks. The global remuneration
policy for executive management is available for
download on our global website.
Actions related to remuneration and social
protection in 2024
Remuneration
The technology industry faces ever-greater challenges
in securing employees with the right skills profiles.
We provide annual inflation adjustment reviews
and performance-related increases to reward our
employees for their hard work and dedication.
To emphasize our commitment to standardized
remuneration and to address pay equity concerns,
in 2023 we initiated a multi-year project with Mercer.
Mercer is a trusted global leader in compensation
and benefits data, providing comprehensive market
insights to help organizations make informed
decisions related to their remuneration.
In 2024, we used Mercer’s benchmarking data to gain
insights into median wages and industry standards
for comparable roles. These external insights were
assessed alongside internal factors to establish
fair and consistent salary structures across all
subsidiaries, departments, and roles. As part of this
work, we considered factors such as gender, age, and
nationality to help eliminate bias and ensure non-
discriminatory practices.
Benefits
We understand the importance of supporting
our employees beyond their salaries. All Crayon
subsidiaries provide maternal and paternal leave
according to local regulations. In some instances, we
offer more generous family leave than legally required
– to help our employees balance their work and family
life.
Plans for 2025
Crayon’s new global ESG strategy includes
remuneration and benefits as one of the 16 ESG
focus areas between 2025 and 2030. In this way, the
material IROs related to remuneration and benefits
influence our business strategy and business model.
Performance related to remuneration and
social protection
Adequacy of remuneration and redress of pay gaps
All employees are paid adequate wages, in line with
the applicable benchmarks provided by Mercer, a firm
specializing in compensation and benefits data. There
are no countries where Crayon employees earn below
the adequate wage benchmark.
In 2024, we determined Crayon’s global gender pay
gap was 24.81%. On average, women at Crayon earn
24.81% less than their male counterparts for similar
roles. This highlights an area for improvement to
further promote pay equity.
2024
Global gender pay gap (%) .%
This metric is being reported for the first time in 2024. We prioritized
the current reporting period (2024), and it was impracticable for us
to provide comparative metrics for previous years.
In 2024, the ratio between the highest-paid individual
and the average annual total remuneration for all
employees was 807%. Crayon’s ratio demonstrates a
large gap because of the different geographies and
local markets represented.
Adequacy of social protection
All employees are covered by social protection in line
with local labor laws and regulations. Coverage is
provided either through public programs or through
Crayon’ s locally administered benefits. These
protections cover major life events such as:
• Sickness
• Unemployment
• Employment injury and acquired disability
• Parental leave
• Retirement
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO REMUNERATION AND SOCIAL PROTECTION
IRO type Description Actions taken Position in value chain Time horizon
• Our global and local policies for remuneration and benefits comply with the
relevant legislation, without compromising on attractive features to satisfy
current and prospective employees.
• For example, in some countries, we offer extended maternity and paternity
leave that goes beyond legal requirements for these kinds of benefits.
• We have a multi-year project with Mercer to standardize remuneration and
address pay equity concerns.
n Positive impact (actual)
• Wages: We strive to provide fair compensation to employees across all
locations, taking into account relevant benchmarks and our desire to attract
and retain world-class talent.
Own operations Short-term
n Positive impact (actual)
• Social benefits: Crayon provides employees and their families with benefits
tailored to local needs, including extended parental leave, health insurance,
education reimbursement, and safety measures in conflict-affected areas.
Own operations Short-, medium-
and long-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
Global gender pay gap
According to ESRS, the gender pay gap is defined as
the difference in average pay levels between female
and male employees, expressed as a percentage of
the average pay level of male employees.
Crayon calculated our pay gap using the following
steps:
• Salary data was collected across all 46 subsidiaries,
covering all roles and employee types (including
permanent employees, permanent contractors,
interns, and temporary employees — excluding
temporary contractors and subcontractors).
• For each gender category (female, male, and
other), we recorded the minimum, maximum,
median, and average salaries.
• The gender pay gap was calculated using the
following formula: (average male salary – average
female salary)/average male salary) x 100.
Total remuneration ratio
The total annual remuneration ratio describes the
ratio between the highest paid individual and the
average annual remuneration of all employees. The
methodology applied by Crayon is aligned with the
recommended approach under ESRS.
External validation
None of the data points provided in this section were
validated by an external third party, other than the
limited assurance provider.
Targets
We did not set specific targets for remuneration and
social protection in 2024 for own workforce. With
an eye towards future requirements for equal pay
in Europe, effective from 2026 (stipulated by the
European Union Pay Transparency Directive), we
plan on implementing further measures to minimize
the gender pay gap ratio across our entire global
workforce.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Training and skills development
We support our employees’ career development
and promote them within our company whenever
possible. We invest in training for our teams, guided
by the belief that this not only improves the quality
and efficiency of our organization but also fosters
innovation, and boosts both employee satisfaction and
longevity of tenure at Crayon.
At Crayon, we promote continuous learning for
both professional and personal growth. With global
access to our course library, everyone has access to
continuous learning opportunities through our internal
training catalog which includes on-demand training,
workshops, and seminars.
Policies related to training and skills
development
We did not have a formal policy document to guide
our training and development activities in 2024.
However, we emphasized continuous learning through
competence and skills development, professional
growth capabilities, workforce planning, and skills
management.
Governance
On a global level, training and skills development is
co-led by the People and Development Team and
the People and Culture Team, both of which are part
of the human resources function. Regional and local
human resources representatives are responsible for
execution.
Accessibility
All employees have access to a global internal
SharePoint site called People Development, which
describes in detail how we invest in our people.
In addition, countries are encouraged to further
elaborate and adapt the global training and
development opportunities to meet local needs.
Actions related to training and skills
development in 2024
In 2024, the content and target audiences of the
training sessions varied and included:
• Sales development: Training for all sales staff in
the form of an internal sales development program
focused on our own sales methodology.
• Technical training and masterclasses: Internal
masterclasses on AWS, both technical and services/
sales track, in addition to tailored training for our
SCA resources and hackathons with hands-on labs.
• Vendor and partner certification: Crayon
employees hold more than 9,700 certifications
from partners such as AWS, Microsoft, Oracle, and
others.
- For example, we saw a 33% year-on-year
increase in certifications with Google,
completing 2,245 training sessions in 2024
alone.
• Access to external platforms: Employees have
direct access to learning platforms from key
technology providers (e.g. Microsoft, Google, AWS,
Oracle, IBM), enabling role-specific learning paths
for both upskilling and reskilling.
• Performance and development conversations:
To ensure systematic follow-up and awareness
around skills development opportunities and
programs, individual skills development is followed
up in regular performance reviews between an
employee and manager on an annual, quarterly,
and half-yearly basis.
With workforce and succession planning in mind, we
implemented our first global succession planning
initiative to ensure that our business continues to run
smoothly and without interruption. Simultaneously, we
identified critical people and positions and improved
our leadership and talent development programs
targeting these niches in 2024. For example, we
launched our own internally developed leadership
training for all leaders in Crayon with a combination of
e-learning, live sessions, and reflection exercises. We
also piloted an internal mentoring solution as part of
our corporate development programs, supporting our
key talents.
Plans for 2025
In 2025, we will continue our focus on leadership
training in addition to further strengthening learning
paths for our key roles and services – including
software procurement, IT cost management, cloud
services, and data & AI solutions.
We will further develop our skills taxonomy to provide
employees with insights into the skills and knowledge
required to deliver high quality in their area of
expertise. This will also improve transparency around
career growth opportunities within Crayon.
Crayon’s new global ESG strategy includes employee
advocacy, well-being, and growth as one of the 16
ESG focus areas between 2025 and 2030. In our ESG
framework, training and development falls under
the category of employee advocacy, well-being,
and growth. In this way, the material IROs related to
training and skills development influence our business
strategy and business model.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO TRAINING AND DEVELOPMENT
IRO type Description Actions taken Position in value chain Time horizon
• We offer a wide range of training and professional development
opportunities that are developed internally (e.g. leadership and mentorship
programs) and externally (e.g. vendor certifications).
• Depending on the topic or issue, some trainings are mandatory, and others
are voluntary.
• We are conscious of the need to keep up with industry trends and remain
relevant both in our services and solutions, as well as in the skills profile of our
employees. Our training and development initiatives are therefore refreshed
periodically.
n Positive impact (actual)
• Upskilling of workforce: Crayon provides employees with training and
development initiatives, to support employees’ professional and personal
growth. This ensures they stay relevant in a changing labor market and
can deliver high-quality services. Our programs enhance both theoretical
knowledge and practical skills.
Own operations Medium-term
n Opportunity
• Training and development: Crayon has a continuous focus on annual
upskilling. This commitment strengthens Crayon’s position as an attractive
employer.
Own operations Medium-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to training and skills
development
We foresee an overall increase in training and
development opportunities for our employees, with
significant investments in training and development
programs – reinforcing our commitment to people
growth and underlining our people-first approach.
Due to remarkable improvements in the quality and
breadth of self-reported data by our local entities in
2024, there was a 1,040% increase in the total number
of reported training sessions hosted or paid for by
Crayon. This represents a significant change year-on-
year and is a more accurate and realistic reflection of
developments on the ground.
In the training conducted by our employees in 2024:
• 38% out of the total number of training hours was
conducted by women.
• 61% out of the total number of training hours was
conducted by men.
• 1% out of the total number of training hours was
conducted by the gender ‘other’.
Methodology
Data sources
Our data related to training conducted and training
hours is collected from three different sources:
1. Internal human resources information system
(TalentSoft): TalentSoft provides data on all
completed training, including mandatory courses,
live sessions, and catalog-based training. The
system tracks hours spent, course types, and
participant gender. This data is accessible to all
employees.
2. Partner training platforms: We have not requested
gender-disaggregated data from partner
platforms — only training sessions and hours.
3. Local and regional HR input: HR representatives
provide data on training activities not captured
in TalentSoft or partner platforms. This includes
internal and external webinars, third-party courses,
learning days, and time spent preparing for exams
and certifications.
TRAINING AND SKILLS DEVELOPMENT METRICS 2024
Male Female Other
Employees that participated in regular performance reviews (%)
45.20% 22.79% 0.42%
Number of employees that participated in regular career development reviews
1,811 913 17
Average number of training hours per employee
1.07 3.73 2.42
These metrics are being reported for the first time in 2024. We prioritized the current reporting period (2024), and it was impracticable for us
to provide comparative metrics for previous years.
SUPPLEMENTARY TRAINING METRICS
2024 2023
Total number of training sessions hosted or paid for by Crayon (internal and external)
1,482 130
Total duration of training sessions held during the year (number of hours)
185,259 136,667
Total percentage of employees who participated in a training session (%)
61% 57.82%
These metrics are optional, entity-specific data points that were previously reported in our stand-alone 2023 ESG Report. We have chosen to
include and continue reporting on them for completeness of reporting.
Approach and limitations
The collected data is analyzed, combined, and
consolidated in an Excel spreadsheet to provide
an overview of all internal and external training
completed by employees. Since not all countries track
or share training data locally, the collected data gives
us an average estimate of our training investments in
all employees when we combine the data sources.
Based on this, and that gender cannot be tracked in
all training completed, the number of training hours
split by gender, is considerably lower than the total
number of training hours in the organization. Thus,
training split by gender does not give an accurate
estimate of the total investments we make in our
people.
Scope
Reported metrics are global in scope, covering
Crayon’s operations worldwide.
External validation
None of the reported training and development
metrics have been validated externally other than by
the limited assurance provider.
Targets
We did not set specific global targets for training and
skills development in 2024. Going forward, we will
continue to depend on a bottom-up strategy process
for training input and people development.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Flexible work arrangements
Entity-specific
In today's dynamic work landscape, Crayon has taken
significant strides to ensure that our employees thrive
both professionally and personally. We aim to create
a work environment where our employees feel valued,
supported, and empowered to achieve their best both
at work and in their personal lives.
Policies related to flexible work
arrangements
In 2024 all our policies and guidelines related to
flexible work were determined at the local level to
reflect local legislation.
Governance
The local human resources representatives and local
general managers decide on and implement our
flexible working policies and guidelines.
Accessibility
Local policies and guidelines on flexible working are
available on local communication platforms and
can also be requested directly from the local human
resources representative.
Actions related to flexible work
arrangements in 2024
Data from our annual employee feedback surveys and
individual performance and development reviews is
analyzed to identify trends and areas for improvement
when it comes to work-life balance at Crayon.
We believe that flexible working arrangements
help employees manage both their personal and
professional responsibilities – for example by reducing
daily commuting to our offices and experience a
higher level of productivity and overall satisfaction.
To discuss workloads and other topics, all our leaders
increased the personal time they spent with their team
members in regular check-ins in 2024. In Australia
and other locations, we comply with local ‘right to
disconnect’ legislation which limits contact between
employers and employees after-hours except where
necessary (e.g. emergencies). Respecting working
hours as well as time zone differences helps us to
promote work-life balance.
Plans for 2025
In 2025, we plan to introduce a global hybrid work
guideline that will provide a common framework for
flexible working arrangements across locations. The
global hybrid work guideline will serve as a minimum
standard for hybrid work, ultimately influencing our
employees’ work-life balance.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO FLEXIBLE WORK ARRANGEMENTS
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (actual)
• Remote work: Crayon offers flexible and practical arrangements for home
office for hybrid work
• We offer our employees different work modalities (e.g. fully remote, fully on-
site, and hybrid). As an IT company, one of our strengths is the flexibility we can
offer to maximize employee productivity and well-being.
Own operations Long-term
n Positive impact (actual)
• Workload: We aim to manage expectations around workloads by
communicating transparently and regularly what is expected of current and
prospective employees (e.g. consciously designing job roles and descriptions to
reflect proportionately the expected workload).
• Workloads are discussed in manager-employee check-ins and appropriate
adjustments are made. We respect employees' right to disconnect’ after hours,
not only to comply with local regulations but as a desirable facet of our culture
that we would like to cultivate.
Own operations Medium-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Crayon’s new global ESG strategy includes employee
advocacy, well-being, and growth as one of the 16
ESG focus areas between 2025 and 2030. In our ESG
framework, flexible work arrangements fall under
the category of employee advocacy, well-being,
and growth. In this way, the material IROs related to
flexible work arrangements influence our business
strategy and business model.
Performance related to flexible work
arrangements
As part of our annual employee feedback survey, we
ask two questions related to flexible work. The scores
related to both questions increased slightly in 2024.
The proportion of employees who can either work fully
remotely, using the hybrid model, or fully on-site at
a Crayon location depends on the nature of the job
as well as the remote work guidelines established by
each local subsidiary.
Based on our 2024 employee feedback survey,
approximately 78% of our workforce had the flexibility
to follow a hybrid working model, spending part of
their working hours either at home or at a Crayon site.
Methodology
Due to the entity-specific nature of the IROs and data
points, we reported on relevant findings from our
annual employee feedback survey which correspond
with our material IROs related to flexible working
arrangements.
Data sources and scope
Our 2024 employee feedback survey was global in
scope and covered nine categories of questions. The
survey had a participation rate of 62% (2023: 69%).
Respondents participated anonymously, and the
scores reflected in this report are the global averages.
The scores were rated on a scale of 1 (lowest) to 5
(highest); the higher the score out of 5, the more
positive the employee sentiment.
Approach
The data was collected through an external survey
provider. All input and responses provided remained
anonymous and for teams below five, where the
anonymity threshold was not met, the data was
aggregated to the next hierarchical level above.
External validation
The employee feedback survey results have not been
validated by a third party other than the limited
assurance provider.
Targets
We did not set 2024 targets for flexible work
arrangements in our own workforce. Our well-being
campaigns and training support employee well-being
and improve their work-life balance.
SURVEY RESPONSES RELATED TO FLEXIBLE WORK
The maximum score is 5.00
Survey question Score Score
Overall, I have a good work-life balance . .
Overall, I feel good about the workload in my job . .
Based on responses to our annual global employee feedback survey which was administered in 2024 and 2023. These metrics
are optional, entity-specific data points that are being reported for the first time.
REMOTE AND HYBRID WORK 2024
Employees that work hybrid (home and Crayon site) (%) .%
Employees that work fully remotely (from home) on all workdays (%) .%
Employees that work fully at a Crayon site (%) .%
These metrics are estimates based on responses to our annual global employee feedback survey. These metrics are optional,
entity-specific data points that are being reported for the first time in 2024. We prioritized the current reporting period (2024),
and it was impracticable for us to provide comparative metrics for previous years.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Employee security
Entity-specific
Policies related to employee security
As a people-first company, employee security is of
paramount importance to us. Accordingly, our global
Secured Productivity Policy and training include
dedicated instructions and guidance on safety and
security in our offices and remote working.
To keep employees and visitors secure and safe in
our offices, the policy provides instructions related
to evacuation plans, escape routes, assembly points,
first aid kits, fire extinguishers, local safety drills, local
incident management and emergence response
teams.
To keep employees secure and safe when working
remotely, the policy guides evacuation procedures,
emergency services, and procedures for ensuring the
remote work environment is in a safe condition.
The Secured Productivity Policy is complemented by
business continuity and disaster recovery planning
to document and improve site-level safety and
security measures that protect the health and
safety of local team members (e.g. safety drills and
testing), whilst also preventing unauthorized physical
access, damage, or interference to/with confidential
and personal data. Global templates for business
continuity and disaster recovery are customized by
each Crayon entity to reflect local conditions and
requirements
Governance
Crayon has a global Corporate Security Team (part of
the Trust Unit) responsible for the safety and security
of our employees and their families. The team is led
by the Head of Corporate Security, who reports to the
Chief Security Officer. The latter reports to the Chief
Executive Officer.
The Corporate Security Team centrally manages and
governs business continuity and disaster recovery
planning of Crayon subsidiaries around the world to
ensure our sites are prepared in the event of a local
emergency.
When facing threats to safety and business continuity,
Crayon’s Corporate Security Team immediately sets
up a crisis management team that works together
with the relevant Human Resources Unit to provide
tailored assistance, ranging from remote guidance
to on-site disaster recovery management, including
evacuations. Support extends to both employees and
their families.
The team also ensures employee welfare at work
and provides rapid assistance to employees and
their families in the event of emergency situations
caused by natural disasters or human errors and/or
malpractice.
Accessibility
Our Secured Productivity Policy is available on our
internal SharePoint as well as our global corporate
website.
The global templates for our business continuity and
disaster recovery plans are available on our internal
SharePoint.
Actions related to employee security in 2024
Risk assessments for international business travel
were conducted on an as-needed basis in 2024.
We developed some security, health and safety
guidelines covering different scenarios such as female
employees traveling alone, or natural events such as
earthquakes and tropical cyclones.
We have a local presence in Ukraine and are therefore
affected by the armed conflict. In 2024, Crayon’s
Corporate Security Team monitored developments in
Ukraine and provided safety and security operational
support. For example, we dispatched 10 power units
to Ukraine to enable employees to work safely from
remote locations.
Crayon has employees in Qatar, Saudi Arabia, Oman,
and the United Arab Emirates. An escalation and
spread of the Israel/Palestine conflict to other Middle
Eastern countries might therefore put our employees
in harm’s way. Accordingly, the Corporate Security
Team coordinated with the local human resources
teams in 2024 to provide ad hoc support to employees
indirectly impacted by this conflict. For instance, those
with family members residing in Lebanon.
Plans for 2025
Building on our extensive years-long experience in
safety and security crisis management, risk and crisis
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO EMPLOYEE SECURITY
IRO type Description Actions taken Position in value chain Time horizon
n Negative impact (actual)
• Employee security and safety: With operations in 46 countries, Crayon faces
potential risks from major disasters, armed conflicts, and other external
threats that may impact employee safety. We also recognize the importance
of addressing safety concerns related to remote and hybrid work, ensuring a
secure working environment in all situations.
• Our global Secured Productivity Policy includes instructions and guidance on
safety and security in our offices and remote working.
• We conduct risk assessments for international business travel and provide
safety and security operational support in conflict zones (e.g. evacuations of
employees and their family members).
Own operations Short-, medium-,
and long-term
management will be consolidated into a single team.
This, combined with crisis preparedness plans, will
increase operational efficiency and organizational
capacity to prevent future crises.
Crayon’s new global ESG strategy includes employee
advocacy, well-being, and growth as one of the 16
ESG focus areas between 2025 and 2030. In our ESG
framework, employee security falls under the category
of employee advocacy, well-being, and growth. In this
way, the material IROs related to employee security
influence our business strategy and business model.
Performance related to security in 2024
Employee security metrics
2024 2023
Number of security and safety incidents
in which an employee was harmed
Number of Crayon employees directly
in conflict zones
1
35 in Ukraine and 2 in Lebanon.
2
30 in Ukraine.
Safety incidents are events in which employees and their family
members are faced with a natural disaster or human conflict
situation that places them in direct harm.
These metrics are entity-specific data points that are being
reported for the first time in 2024 and were not previously part of
our ESG disclosures.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
Our methodology to compile the metrics on employee
security is described below. The methodology takes
into account the entity-specific nature of the IROs and
data points.
Definitions of key terms
• Conflict zones refer to active conflict zones in the
2024 calendar year.
• Security and safety incidents are events in which
employees and their family members are faced
with a natural disaster or human conflict situation
that places them in direct harm.
Data sources
• We rely on data from Crayon’s human resources
data management system (TalentSoft) and open-
source reports of active conflicts.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Assumptions
• All safety and security incidents are reported to the
Trust Unit.
External validation
• The employee safety and security metrics were
not subject to validation by an external third party
other than the limited assurance provider.
Targets
We did not set 2024 targets for employee security in
our own workforce.
All foundational components for employee security
have been laid. Accordingly, maintaining our
number of security incidents at zero is the status
quo. We would consider setting targets if there was
a significant change in the number and scale of
employee security incidents – for example, due to
evolving threats or increased vulnerabilities.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO DISCRIMINATION AND HARASSMENT
IRO type Description Actions taken Position in value chain Time horizon
n Negative impact (potential)
• Discrimination and harassment: Crayon has a zero-tolerance policy for
discrimination and harassment. We remain committed to preventing and
addressing these risks – examples of potential work-related circumstances
include the workplace, business travel, and commuting.
• We strictly enforce the relevant provisions of the Crayon Integrity Handbook,
and the Crayon Secured Productivity Policy respectively. Grievance mechanisms
to report incidents are available, and reported incidents are thoroughly
investigated. Training on what constitutes safe and appropriate conduct is
provided to all employees.
Own operations Short-, medium-,
and long-term
Discrimination and harassment
Policies related to discrimination and
harassment
Crayon is committed to treating all employees with
respect and dignity – both in our own operations and
in our value chain.
Crayon has a zero-tolerance policy for all kinds of
discrimination and harassment. However, the steady
growth of Crayon’s business year-on-year places
more onus on us to manage the potential risk of
discrimination and harassment as we grow in scale
and complexity.
Global policies and procedures in 2024 relevant to
preventing harassment and discrimination internally
include:
• The Crayon Integrity Handbook - The Integrity
Handbook outlines expected behaviors, including
treating others with respect, fostering inclusion,
and addressing unconscious bias. As of May
2024, the Integrity Handbook was replaced by
the Secured Productivity Policy, though some
subsidiaries still maintain local versions.
The handbook specifically prohibits discrimination
Crayon does not allow discrimination against
others, including on the basis of age, ancestry,
color, family or medical care leave, gender
identity or expression, physical or mental disability,
genetic information, marital status, medical
condition, national origin, political affiliation, race,
religion, sex (including pregnancy status), sexual
orientation, or any other characteristic protected
by applicable laws, regulations, and ordinances.
- Governance: Administered by local human
resources representatives and general
managers.
- Accessibility: Available internally via SharePoint.
• Crayon’s Secured Productivity Policy - Specific
provisions against harassment and discrimination
are mentioned in the sections related to Acting with
Integrity, Representing Crayon with Integrity, and
Reporting Concerns. All employees must ensure
they never use inappropriate language or exhibit
behavior that makes others feel uncomfortable or
marginalized, including any form of discrimination,
intimidation, harassment, or violence. Incidents of
discrimination and harassment can be reported
directly to the manager or through Crayon’s
grievance channels described in the policy.
- Governance: Overall ownership of the Secured
Productivity Policy resides with our Trust Unit,
which reports to the Chief Security Officer. The
anti-discrimination and harassment provisions
of the policy are jointly monitored and enforced
by local, regional and global human resources
representatives with support from the Trust Unit.
The human resources representatives report to
the Chief Human Resources Officer.
- Accessibility: The Secured Productivity Policy is
available in our internal SharePoint and publicly
on our global corporate website.
Alignment with international standards
Crayon bases its policies on key international labor
standards such as the UNGPs, the Organization for
Economic Cooperation and Development (OECD)
Guidelines for Multinational Enterprises, International
Labor Organization (ILO) core conventions, and the
United Nations Universal Declaration of Human Rights.
Our global policies and procedures are supplemented
with local policies and procedures which comply with
local laws and regulations.
Actions related to discrimination and
harassment in 2024
In 2024, with support from the Trust Unit, Group
HR began drafting of a new code of conduct set to
launch in 2025. The code will address harassment,
discrimination, and violence by sharing clear
guidelines for acceptable behavior and a respectful,
inclusive, and safe environment at Crayon. The Code
of Conduct will outline the process for reporting
harassment, discrimination, or violence, ensuring
that our people can come forward safely and
confidentially. It will also specify how complaints
will be investigated and the protections in place for
whistleblowers.
Harassment and discrimination were also covered
in the mandatory annual training for all Crayon
employees, as part of our Secured Productivity Policy.
Reporting channels.
All Crayon employees can raise concerns about
discrimination, harassment, or other matters directly
with their supervisor or the executive management
team. In addition, we offer confidential reporting
channels described on page 92 under the heading
'Grievance mechanisms'.
All employees are encouraged and instructed to
report any concerns or potential breaches through
these channels as communicated in our Internal
Policies (Crayon Integrity Handbook and Secured
Productivity Policy).
Plans for 2025
Crayon’s new global ESG strategy includes employee
advocacy, well-being, and growth as one of the 16
ESG focus areas between 2025 and 2030. In our ESG
framework, discrimination and harassment falls under
the category of employee advocacy, well-being,
and growth. In this way, the material IROs related to
discrimination and harassment influence our business
strategy and business model.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to discrimination and
harassment
Crayon does not tolerate any forms of harassment
or discrimination. Reported incidents of harassment
and discrimination are referred to our Trust Unit for
investigation and resolution.
Metrics on discrimination and
harassment 2024
2024
Number of incidents of discrimination
(including harassment) reported
Incidents confirmed by Crayon as valid and
referred for investigation
The total amount of fines, penalties, and
compensation for damages as a result of
the incidents and complaints disclosed
above, and a reconciliation of such monetary
amounts disclosed with the most relevant
amount presented in the financial statements
NOK Zero
We previously reported on the number of incidents of discrimination
in our stand-alone 2023 ESG Report. The metric on the monetary
value of fines, penalties, and damages is being reported for
the first time in 2024. Taken together, we prioritized the current
reporting period (2024), and it was impracticable for us to provide
comparative metrics for previous years.
During the reporting period, an internal review was
conducted in response to a workplace behavior
concern. Based on the findings and in consultation
with external legal advisors, appropriate corrective
actions were taken – including a formal warning
issued to the employee involved. As part of our
remedial efforts, mandatory training on appropriate
workplace behavior was provided in the affected
region.
Methodology
Reporting boundaries and definitions of key terms
• Reported incidents pertain to investigations closed
in 2024.
• All claims of harassment and discrimination are
taken seriously and are subject to initial screening.
If found to be valid and reported in good faith,
claims are then referred to the Trust Unit for
investigation.
Data sources
• We rely on data from the Trust Desk (run on a
Jira ticket management system); reports from our
whistleblowing channels which are received and
updated on an ongoing basis; and our internal
investigations dashboard.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Assumptions
• All discrimination and harassment metrics are
reported to the Trust Unit.
External validation
• The harassment and discrimination metrics were
not subject to validation by an external third party
other than the limited assurance provider.
Targets
We did not set 2024 targets for discrimination and
harassment in our own workforce, but we have zero
tolerance for discrimination and harassment, as
stipulated in our Secured Productivity Policy.
We may consider target setting in future if there are
significant changes in the number of incidents related
to discrimination and harassment.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Diversity, equity, inclusion, and belonging
Our commitment to DEIB extends across various
dimensions, including gender and gender identity,
age, disability, neurodiversity, sexual orientation,
nationality, ethnicity, social origin, experience, and
other attributes.
Crayon has a global presence, including in local
markets where minorities and vulnerable groups
are part of our workforce and broader society. By
embracing diversity, we create a work environment
that attracts top talent and enables us to better serve
our customers’ diverse and evolving needs.
Policies related to DEIB
Crayon has a publicly available global Diversity,
Equity, and Inclusion Statement, affirming our
commitment to fostering an inclusive workplace.
Beyond the statement, we did not have a formal
DEIB policy in 2024. However, in practice, we abhor
discrimination and harassment, promote pay equity,
and provide accommodations to support diverse
needs.
Governance
The People & Culture Team within Human Resources
leads Crayon’s DEIB initiatives, including updating
the Diversity, Equity and Inclusion Statement. In 2024,
we strengthened our commitment by recruiting a
dedicated DEIB Specialist responsible for strategic
work and day-to-day implementation. To ensure DEIB
remains a priority at senior levels, the DEIB Specialist
reports to the Vice President of People & Culture, who
in turn reports to the Chief Human Resources Officer.
Accessibility
Our Diversity, Equity, and Inclusion Statement is
available on our internal SharePoint as well as on our
global corporate website.
Actions related to DEIB in 2024
We are committed to reinforcing a culture of respect
and belonging, and in 2024 we laid the groundwork
for structured DEIB initiatives going forward.
Throughout 2024, we took tangible steps to integrate
DEIB into our workplace practices and policies. We
implemented the following initiatives worldwide:
Diverse hiring practices
We remained committed to increasing representation
by actively considering candidates from diverse
backgrounds in all hiring processes.
Inclusive recruitment practices
In Q4 2024, we updated all job advertisements to
include a DEIB statement and ensure accommo-
dations are available for candidates with special
needs.
Equitable promotions
Promotions were granted with a focus on balancing
merit and DEIB principles. As a result, 27,2% of all
employees promoted in 2024 were women (2023:
25%).
Female Leadership Program
The fourth round of Crayon’s internal Female
Leadership Program began in 2024–2025 with
24 participants, up from 16 the previous year. The
program offers coaching and mentoring to high-
potential female employees. Since its launch in
2019, over 50% of participants have advanced into
leadership roles.
Gender and pronoun inclusion in data collection
We introduced the "they" pronoun option in our
employee data collection and management tool to
better represent our employees' identities. In doing so,
we comply with local labor laws and regulations in all
the different countries of operation.
Locally, we implemented the following DEIB initiatives
(not an exhaustive list):
• Australia: Conducted an equity report supporting
gender equity and pay gap analysis. Also
introduced was the global STEPtember initiative to
raise awareness about cerebral palsy.
• India: Launched a comprehensive DEIB plan
focusing on empowering women, mental well-
being, neurodiversity inclusion, and LGBTQI+
representation.
• Middle East & Africa: Established a female
community and sponsored membership for the
Dubai Women’s Council.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO DEIB
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (potential)
• Inspiring belonging: Fostering a diverse and inclusive workplace helps
Crayon create a stronger sense of belonging and equality among employees,
enhancing overall workplace culture.
• Diversity, equity, inclusion, and belonging initiatives are implemented at
the global and local levels. Initiatives include equitable promotions and the
introduction of more gender-inclusive pronouns in our employee-related data
collection (within legal boundaries).
Own operations Short-, medium-, and
long-term
n Positive impact (actual)
• DEIB training: Crayon has a positive impact on employees by providing DEIB
training to employees and leaders.
• Our DEIB training covers issues such as unconscious bias, allyship, and
microaggressions. It is available to all employees.
Own operations Short-, medium-
and long-term
n Negative impact (potential)
• Diversity in leadership ranks: Crayon acknowledges the gender imbalance
in senior positions and remains committed to promoting greater diversity in
leadership.
• Our Female Leadership Program develops a pipeline of potential future leaders.
And when recruiting at all levels in the organization, including at the most
senior, consideration is given to candidates from diverse backgrounds.
Own operations Short-, medium-,
and long-term
n Opportunity
• Innovative capacity: By seeking people with different backgrounds and
expertise, Crayon can develop unique solutions that help clients navigate an
ever-changing business landscape.
• We have multiple projects involving international and cross-functional
collaboration amongst colleagues, resulting in innovative and creative solutions
and insights. Examples include our initiatives for cloud cost control.
Own operations Medium-term
n Opportunity
• Regional perspectives on diversity: Crayon works systematically to promote
gender equality, especially in regions with low female workforce participation.
These efforts help attract new talent and support employee retention.
• To reflect regional and local priorities and sensitivities when it comes to DEIB,
Spain, the United Kingdom, and the United Arab Emirates are just a few
examples of the Crayon sites with their own locally driven DEIB initiatives.
Own operations
Medium-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
• Spain: Focused on gender equality, LGBTQ+
inclusion, and disability, aligning with stringent
local legislation and implementing a detailed
gender equality plan.
• United Kingdom: Developed an inclusivity plan
covering areas such as equality in business teams,
awareness, education, support & tooling, and
processes & ways of working.
• United States: Weekly HR reporting includes DEIB
statistics, shared with the local leadership team.
Plans for 2025
Crayon’s new global ESG strategy includes diversity,
equity, inclusion, and belonging in our own workforce
as one of the 16 ESG focus areas between 2025 and
2030.
DEIB as a source for innovation
At Crayon, we recognize that innovation thrives
when diverse voices are heard and valued.
By fostering an inclusive culture, we empower
our people to bring forward ideas that shape
the future of our business and create solutions
that are truly reflective of our customers’ needs
worldwide.
One of the ways DEIB fuels innovation at Crayon
is through cross-boundary collaboration. We have
seen the impact of this firsthand in the way local
services evolve into global solutions.
Examples of projects such as cloud cost control
from Denmark, pure optimization services from
Switzerland, and enterprise agreements to cloud
solution providers from Denmark, the United
States, and the United Kingdom demonstrate how
diverse teams working together can scale local
success into global impact. These innovations
did not happen by chance—they are the result of
intentional collaboration, knowledge-sharing, and
a strategic approach to ensuring that multiple
perspectives are represented in decision-making.
A key mechanism for this is our "go/no-
go" process, which brings together diverse
nationalities and cultural perspectives in an
advisory board to assess the viability of services
and products before they are introduced to new
markets. This ensures that every solution we
develop is not only technically sound but also
adaptable to different cultural and business
contexts. Additionally, our enablement efforts help
share best practices across regions, ensuring that
local insights inform global strategies and vice
versa.
Beyond product development, diverse
perspectives are crucial in shaping how we
engage with our customers. Understanding
different cultural expectations and market
dynamics allows us to tailor our services
effectively, ensuring that our solutions are
relevant, accessible, and impactful for customers
worldwide.
DEIB is also one of the three prioritized ESG focus
areas in 2025, as we begin implementing the strategy.
In this way, the material IROs related to DEIB are
integrated into our business strategy and model.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to DEIB
Gender representation at the top management level
Crayon’s top management is defined as those
reporting directly to the chief executive officer. This
consists of:
• The executive management team (C-Level).
• The respective regional vice presidents for the US,
the Nordics, Europe and APAC/ India, the Middle
East and Africa.
• Other additional roles reporting directly to our chief
executive officer (excluding three).
DEIB awareness and training
• A dedicated DEIB awareness session was
conducted for HR Leads during the HR Leads
Summit.
• DEIB topics were regularly addressed in monthly
HR All-Hands Calls.
• As part of our global well-being campaign,
we offered DEIB awareness sessions, with 85
participants from different subsidiaries. The
recorded session remains accessible to all
employees on SharePoint.
• Online voluntary DEIB training modules were
provided to employees.
Methodology
Data sources
All DEIB metrics in this section are derived from
Crayon’s human resources data management system,
TalentSoft. This includes:
• Employee demographic data based on HR records.
• Hiring, promotion, and attrition trends.
• Workforce composition across different regions.
• Participants in DEIB training.
Assumptions
• All data provided is in FTE at the end of the
reporting period, except for participants in DEIB
training, which is provided in HC.
• Data reflects employee records as maintained in
TalentSoft at the time of reporting.
• Due to regional legal restrictions, not all
demographic data is available across all countries.
Limitations and challenges
• Limited demographic data: Only data captured in
TalentSoft is available; self-reported identity data is
not collected.
• Regional data constraints: Legal restrictions in
some countries limit demographic tracking.
• Exclusion of qualitative insights: This data does
not include employee sentiment or perceptions of
inclusion.
Third-party validation
• DEIB metrics are based on internal human
resources records and are not externally validated.
• There was no third-party assurance in place for
these metrics apart from the review by the limited
assurance provider.
Targets
We did not have targets for diversity, equity, inclusion,
and belonging in our own workforce in 2024 as our
focus was on implementing structured initiatives and
defining our path forward. We intend to define key
performance indicators in 2025 as we expand our
DEIB initiatives and integrate them into our broader
ESG framework.
GENDER REPRESENTATION AT THE TOP MANAGEMENT LEVEL
C-level executive
management
Executive vice
president level
All other roles reporting
directly to the CEO
Men 4 67% 3 75% 3 75%
Women 2 33% 1 25% 1 25%
Total 6 100% 4 100% 4 100%
In our previous ESG disclosures (2023 ESG Report), we limited our disclosures to C-level executive management. We have revised and
expanded our definition of top management in 2024, and the above additional metrics for executive vice president and other roles reporting
to the CEO are being reported for the first time in 2024. We prioritized the current reporting period (2024), and it was impracticable for us to
provide comparative metrics for previous years.
AGE OF EMPLOYEES
The majority of our employees in 2024 were in the 30-50 years age bracket.
Age range
Proportion of our
workforce
Number of
employees
<30 years .% .
30 – 50 years .% ,.
>50 years . % .
Total % ,.
Slight differences in totals are due to rounding.
These metrics are being reported for the first time in 2024. We prioritized the current reporting period (2024), and it was impracticable for us
to provide comparative metrics for previous years as we utilized different age brackets in our previous reporting (2023 ESG Report).
TOPICS COVERED IN DEIB TRAINING
Number of Crayon participants in
(number of employees)
Introduction to diversity, equity, inclusion, and belonging
Taking action against microaggressions
Unconscious bias awareness
Allyship for diversity and inclusion
Due to changes in the structure and rollout of our DEIB training in 2024, this is our first time reporting on the number of training participants
per module. We prioritized the current reporting period (2024), and it was impracticable for us to provide comparative metrics for previous
years.
OTHER PERFORMANCE MEASURES FOR DEIB
Number of different nationalities in Crayon’s workforce +
Range in age from youngest to oldest em-ployee – years – years – years
These metrics are optional, entity-specific data points that were previously reported in our stand-alone 2023 ESG Report. We have chosen to
include and continue reporting on them in the current reporting period (2024) for the completeness of reporting.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO COLLECTIVE BARGAINING AND SOCIAL DIALOGUE
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (potential)
• Social dialogue: Crayon follows local laws in all operating regions, including
recognizing and engaging with employee representatives where required. We
respect and support employees' rights to join trade unions, workers’ councils,
and similar bodies.
• We recognize and engage with employee representatives and equivalent
structures where these are locally and regionally mandated (e.g. we have
agreements with employees for representation by the European Works Council).
• Crayon’s board of directors had three employee representatives in 2024. They
play a crucial role in ensuring that employees' interests are considered in our
business decision-making.
Own operations Short-term
Collective bargaining coverage and
social dialogue
Policies related to collective bargaining
coverage and social dialogue
Crayon complies with the local laws in the various
jurisdictions where we operate, including recognizing
and engaging with employee representatives and
equivalent structures where these are mandated.
There are no prohibitions against employees joining
trade unions, workers’ councils, and other equivalent
bodies and we respect employees’ rights to do so.
We do not have a single global policy around social
dialogue and collective bargaining but instead defer
to local legislation and norms.
Governance
The local human resources representatives
are responsible for facilitating local workplace
arrangements that give employees access to
information about trade unions, workers’ councils,
and equivalent bodies — including their rights and
obligations.
Discussions, negotiations, and other forms of
engagement and communication involve the relevant
authorized parties in the format and frequency
determined by local law. All workers' councils and
equivalent structures follow local legislation, resulting
in different compositions and mandates.
Accessibility
Where workers' councils, trade unions, and equivalent
structures are available, Crayon communicates the
possibilities through official company platforms such
as employment contracts and intranet posts and
announcements.
Actions related to collective bargaining
coverage and social dialogue in 2024
We protect our employees’ right to collective
bargaining and freedom of association. CBAs give
Crayon staff a voice in strategic and operational
decisions. Employees also benefit from the spotlight
placed on job security, remuneration, health and
safety, and working hours because of CBAs. CBAs
reduce the risk of exploitation and foster a strong
sense of stability and protection.
Crayon’s board of directors had three employee
representatives in 2024. They play a crucial role in
ensuring that employees' interests are considered
in our business decision-making. The employee
representatives provide valuable insight into employee
concerns and help promote a more inclusive and
transparent governance structure in our organization.
Plans for 2025
Crayon’s new global ESG strategy includes employee
advocacy, well-being, and growth as one of the 16
ESG focus areas between 2025 and 2030.
Social dialogue and collective bargaining fall under
the category of employee advocacy, well-being, and
growth as outlined in our strategy. In this way, the
material IROs related to social dialogue and collective
bargaining influence our business strategy and
business model.
Performance related to collective
bargaining coverage and social dialogue
In 2024, collective bargaining agreements (CBAs)
covered 14.04% of our employees in seven countries
(2023: 12.84% in six countries). The employees covered
by CBAs were located in Austria, Denmark, Finland,
France, Iceland, Spain and Sweden.
We have agreements with employees for
representation by the European Works Council (EWC).
These agreements were in force in 2024. None of
our employees outside the EU and EEA are covered
by collective bargaining or other social dialogue
agreements.
Methodology
The metrics on collective bargaining agreements,
worker representatives and other social dialogue
agreements were shared by our local subsidiaries
based on an internal Crayon questionnaire designed
for this annual report.
The questionnaire was global in scope, giving all
subsidiaries around the world the opportunity to
respond and provide insights into the status of social
dialogue and collective bargaining in their respective
locations.
The metrics were not validated by a third party other
than the limited assurance provider.
Targets
Due to differences in local legislation and the need for
tailored, locally compliant agreements and practices,
we do not set specific targets for social dialogue
and collective bargaining agreements. There were
therefore no targets in 2024.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
COLLECTIVE BARGAINING AND SOCIAL DIALOGUE METRICS
Collective bargaining coverage Social dialogue
Coverage rate
Employees – EEA
(for countries with >50
employees representing >10%
total employment)
Employees – Non-EEA
(estimate for regions with >50
employees representing >10%
total employees)
Workplace representation (EEA only)
(for countries with >50 employees
representing >10% total employees)
0 – 19% Not applicable Not applicable Not applicable
20 – 39% Not applicable Not applicable Not applicable
40 – 59% Not applicable Not applicable Not applicable
60 – 79% Not applicable Not applicable Not applicable
80 – 100% Not applicable Not applicable Norway
Although Crayon had collective bargaining agreements in six countries in 2024, in none of those countries did we meet the ESRS-specified
thresholds of more than 50 employees and representing more than 10% total employment.
CBAs AND WORKER REPRESENTATIVES
Inside the European Union and
European Economic Area in
Outside the European Union and
European Economic Area in
Employees covered by collective bargaining agreements (%) .% %
Employees covered by worker representatives (%) .% %
Other social dialogue agreements (%) % %
These metrics are optional, entity-specific data points that are being reported for the first time. In our previous ESG disclosures (2023 ESG
Report), we previously limited our disclosures to the percentage of employees covered by collective bargaining agreements globally. We have
refined and expanded our social dialogue and collective bargaining metrics.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Labor and human rights in our own
workforce
ESRS GOV-4
Forced labor, slavery, excessive working hours,
underpayment of wages and benefits, and inhumane
working conditions are some of the pernicious social
justice issues Crayon must vigilantly safeguard against.
The steady growth of Crayon’s business year-on-year
places more onus on us to manage the potential risk
of labor and human rights violations as we grow in
scale and complexity.
Policies related to labor and human rights in
our own workforce
Crayon strictly abides by all applicable local labor
laws and our own internal policies (e.g. the Crayon
Integrity Handbook and Secured Productivity Policy)
throughout our operations. Enforced by our global
network of HR representatives who report to the
Chief Human Resources Officer, our recruitment and
employment systems and controls aim to avoid child
labor, human trafficking, unsafe working conditions,
and other forms of exploitation in our workforce.
On our global corporate website (under Trust Center
/ Business Integrity) we communicate our general
principles of individual dignity and human rights.
These principles form the foundation for the conduct
we expect from every Crayon employee. Global
policies and procedures in 2024 relevant to promoting
labor and human rights internally included:
• The Crayon Integrity Handbook – The Integrity
Handbook sets expectations for employee conduct,
including a clear prohibition against inappropriate
language, abuse of authority, and disruptive
behavior. It also reinforces Crayon’s obligation to
comply with environmental laws and health and
safety requirements. The Handbook was replaced
by the Secured Productivity Policy in May 2024,
though some subsidiaries still maintain local
versions.
- Governance: The Handbook is administered by
the local entities through local human resources
representatives and local general managers.
- Accessibility: The Handbook is available
internally via SharePoint.
• The global Secured Productivity Policy –
Specific provisions on labor and human rights
are mentioned in the sections related to Acting
with Integrity and Representing Crayon with
Integrity. This includes Crayon’s employees’
duties to help protect human rights, and decent
working conditions, and prevent modern slavery.
Additionally, it underlines the same individuals’
responsibility to immediately report any breaches
of human rights, including cases of modern slavery
or of individuals not being provided with decent
working conditions.
- Governance: Crayon’s Trust Unit leads the
formulation of the policy (including revisions).
Implementation of the labor and human rights
provisions of the policy is led by the human
resources team with support from the Trust Unit.
- Accessibility: This policy has an extended
internal version available on our internal
SharePoint and publicly on our global corporate
website.
• The global Diversity, Equity, Inclusion Statement –
The statement affirms Crayon’s commitment to DEI
principles.
- Governance and accessibility: It is available
externally on our global corporate website
and internally via SharePoint. Please refer to
the Diversity, equity, inclusion, and belonging
section above for additional information.
Alignment with international standards
Crayon bases its policies on key international human
rights standards such as the UNGPs, the Organization
for Economic Cooperation and Development (OECD)
Guidelines for Multinational Enterprises, International
Labor Organization (ILO) core conventions, and the
United Nations Universal Declaration of Human Rights.
Our global policies and procedures are supplemented
with local policies and procedures which comply with
local laws and regulations.
Actions related to labor and human rights in
own workforce in 2024
Given our core business as a global software reseller,
we have not identified any countries or types of
operations at significant actual or potential risk of
forced labor, compulsory labor, or child labor. This
applies only to our own operations.
Accommodating regional differences
We have a diverse and international workforce
who experience different cultural and professional
contexts. Through our local human resources
representatives, we can develop an understanding of
potential risks and take pre-emptive measures. Where
relevant, issues are escalated to local, regional, and
global management.
For example, in India, women’s workforce participation
and economic empowerment are evolving and
influenced by local social and cultural norms.
Crayon complies with the local Prevention of Sexual
Harassment Act which promotes a respectful and safe
work environment for female employees.
In compliance with the legislation in India, we have
established a committee which provides training
on discrimination and harassment and addresses
any complaints that may arise. Crayon goes beyond
regulatory compliance to welcome women into the
workforce by offering a return-to-work program for
women, including new mothers; and offering a local
female management program called Aspire, which
supports women’s development in areas such as
negotiation and personal development.
Grievance mechanisms
Crayon pays for all reporting channels and grievance
mechanisms, and information about them is shared on
our internal SharePoint as well as our global corporate
website in order to raise employee awareness.
All Crayon employees can express their concerns
about working conditions and other matters to their
supervisors and by directly contacting the executive
management team. We also have confidential
channels for reporting concerns, such as a dedicated
email address (concerns@crayon.com) and a
telephone hotline (+47 2396 8400).
All employees are encouraged and instructed to
report any concerns or potential breaches through
these channels as communicated in our Internal
Policies (Crayon Integrity Handbook and Secured
Productivity Policy).
At the beginning of 2024, we had an externally
managed online whistleblowing portal. However, this
was deactivated after the first quarter to safeguard
against potential conflicts as the service provider was
also bidding to provide audit services to Crayon.
Throughout 2024, the Trust Unit actively evaluated
alternative external whistleblowing solutions that
can comply with international directives while
guaranteeing complete anonymity. A final decision
and subsequent rollout are expected during the first
half of 2025.
All these channels, including whistleblowing solutions,
are accessible to all our own employees. Potentially
vulnerable groups within our own workforce – for
example women, migrants and people with disabilities
– can also use these channels.
Investigation and follow-up
Crayon takes all legitimate reports made in good
faith seriously. Any report of potential misconduct
involving our workforce is handled with care and due
process. Investigations are carried out by a dedicated
Investigations Team under the supervision of the Trust
Unit and ultimate oversight by Crayon’s board of
directors.
The team may collaborate with other internal
functions — such as ISDP, HR, and Legal — to
support the investigation or ensure appropriate
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
follow-up actions are taken. Although Crayon has
a standardized investigations methodology, the
appropriate interventions and remedies are assessed
on a case-by-case basis, influenced by factors such as
whether Crayon is the direct cause of the harm, and
the severity level or negative impact experienced by
the employee in our own workforce.
Engagement with our own workforce and its
effectiveness
Engagement with worker representatives takes place
through the relevant and appropriate channels, and
within the prescribed parameters, typically at the local
level. The type and frequency of engagement varies
by country. Apart from existing collective bargaining
agreements and works council agreements as
described in the Social dialogue and collective
bargaining section, we do not have other agreements
in place related to respect of human rights in our own
workforce.
In addition, the grievance mechanisms described
above are other ways we interact with our own
workforce and external parties. Their effectiveness
depends on accessibility — ease of use and availability
of multiple channels — stakeholder awareness,
performance reporting (for example,. turnaround time
from first answer to final resolution), and feedback
from users.
Factoring in the interests and views of our own
workforce
When incidents are reported, the findings from
Crayon’s investigation inform the strategic decision-
making of the internal stakeholders who manage our
own workforce. Adjustments may also be made to our
own workforce processes if deemed necessary. In this
way, the perspectives of our own workers can inform
Crayon’s decisions or activities aimed at managing
actual and potential impacts.
Protection from retaliation
Any parties who make use of our reporting and
whistleblowing channels are protected from
retaliation by our strict non-retaliation policy for
concerns that are reported in good faith, as stated in
our Secured Productivity Policy.
In compliance with the EU Whistleblower Directive
(EU 2019/1937), we have established procedures
for protecting individuals who step forward with
allegations. These protections from retaliation apply
throughout the lifecycle from an issue is reported to
when an investigation is concluded.
General approach to remedy
Appropriate measures are taken to censure
employees who act in breach of the law or our
policies, to remediate employees who are unjustly and
negatively impacted, and to improve the robustness of
Crayon’s policies and procedures.
These measures can include:
• Ensuring affected individuals or groups are treated
fairly.
• Supporting victims - if a violation is identified, we
may offer appropriate support and remediation
for affected employees, including counseling, legal
assistance, and compensation.
• Ensuring other corrective actions are taken,
including disciplinary measures when necessary.
• Developing action plans to prevent the recurrence
of human rights violations, including extended
dialogue with internal and external stakeholders
such as employees and/or experts on human and
labor rights.
Plans for 2025
In 2025, we will establish a cross-functional panel
to better coordinate and expedite investigations of
reported complaints and incidents related to labor
and human rights issues, including harassment and
discrimination. This cross-departmental coordination
will draw on a technology-enabled approach for
complete case lifecycle management.
A new code of conduct currently being drafted by
Group will launch in 2025; it will include provisions on
labor and human rights issues.
Crayon’s new global ESG strategy includes labor and
human rights due diligence in our value chain as one
of the 16 ESG focus areas between 2025 and 2030.
Performance related to labor and human
rights
No severe human rights issues and incidents
connected to Crayon’s own workforce occurred in
2024.
Own workforce labor and human rights metrics
2024
Metric Value
Number of labor and human rights complaints
raised through Crayon’s internal channels,
including grievance mechanisms
Complaints confirmed by Crayon as valid and
referred for investigation
Number of complaints filed to National Contact
Points for OECD Multinational Enterprises
Complaints confirmed by OECD as valid and
referred for investigation
The total amount of fines, penalties, and
compensation for damages as a result of
the incidents and complaints disclosed above,
and a reconciliation of such monetary amounts
disclosed with the most relevant amount
presented in the financial statements
NOK Zero
Number of severe human rights issues and
incidents connected to own workforce e.g. forced
labor, human trafficking, child labor
Number of severe human rights issues and
incidents connected to own workforce that are
cases of non-respect of UN Guiding Principles
and OECD Guidelines for Multinational
Enterprises
Number of fines, penalties, and compensation
for severe human rights issues and incidents
connected to own workforce
NOK Zero
These metrics are being reported for the first time in 2024.
We prioritized the current reporting period (2024), and it was
impracticable for us to report on previous years.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
Reporting boundaries and definitions of key terms
• All labor and human rights complaints are taken
seriously and are subject to initial screening. If
found to be valid and reported in good faith, claims
are then referred for investigation by the Trust Unit.
• In 2024 there were zero reported complaints, and
zero investigations were initiated/concluded.
Data sources
• We rely on data from the Trust Desk (run on a
Jira ticket management system); reports from our
whistleblowing channels which are received and
updated on an ongoing basis; and our internal
investigations dashboard.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Assumptions
• All labor and human rights complaints are reported
to the Trust Unit or captured on our investigations
dashboard.
External validation
• The labor and human rights metrics were not
subject to validation by an external third party
other than the limited assurance provider.
Targets
We have not set targets for labor and human rights
issues in our own workforce.
All foundational components for the management
of labor and human rights issues have been laid.
Accordingly, maintaining our number of (severe)
human rights incidents at zero is the status quo. Only
if there is a significant change in the number of labor
and human rights incidents might we consider setting
targets in future.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Processes for engaging with our own
workforce and workers’ representatives
We utilize several communication channels to
promote collaboration, mutual respect, and two-
way dialogue with our employees. We believe
employee engagement is essential because
employee engagement affects employee morale and
productivity.
Employee engagement also affords opportunities for
employees to share their perspectives on material
positive and negative impacts (actual and potential)
that affect them, resulting in employees influencing
Crayon’s operational and strategic decisions. Whether
globally or locally, the perspectives of employees in
our workforce who may be particularly vulnerable to
impacts are incorporated into existing communication
channels.
Global communication and engagement
Crayon’s suite of global communication tools include:
• The direct and permanent accessibility and
availability of our executive management team
and supervisors to their direct reports.
• Monthly town halls with the executive management
team, and other town halls arranged by different
subject matter experts within the organization.
• Periodic internal newsletters covering different
topics.
• Our annual internal employee awards recognize
and celebrate our employees’ contributions
across all parts of the organization. Local and
global awards are given to selected employees,
culminating in a festive ceremony at our Oslo
headquarters – attended by the entire executive
management team – where the final global
winners are announced.
• Centralized internal information hubs in the form of
internal SharePoint (intranet) pages administered
by the different teams and functional areas.
• Internal and external social media platforms.
• Our annual employee engagement survey which
is delivered to all employees worldwide by an
independent third party contracted by Crayon.
Our annual employee feedback survey
The latest edition of our survey was conducted in
September 2024, with employees participating
anonymously. The survey format was expanded in
2024 and had nine different categories, whereas the
2023 survey had seven categories.
We had high overall scores across all measured
categories, resulting in a global average score of 4.13
out of five (2023: 4.2).
The overall participation rate in our employee
feedback survey in 2024 was 62% (2023: 69%).
Our 2024 survey participation rate was negatively
impacted by technical glitches which marred the
original survey launch and necessitated a relaunch.
2024 2023 2022
Global participation rate (%) % % %
Overall score across all
measured categories
. . .
Maximum score = 5
These metrics are optional, entity-specific data points that were
previously reported in our stand-alone 2023 ESG Report. We have
chosen to include and continue reporting on them in the current
reporting period (2024) for the completeness of reporting.
The survey results are shared with the executive
management team to inform their planning of
strategic priorities and follow-up actions. Team
leaders and supervisors use the results within their
respective teams to trigger dialogues about potential
improvements.
Local communication and engagement
Employee engagement also takes place through
local general managers, local human resource
representatives, safety representatives, and local
committees catering to different needs and action
areas. The format and frequency of engagement are
determined by the local parties, aligning with local
legislation where relevant.
Additional information
Additional information about engagement with our
workforce and workers’ representatives is available in
these S1 sections:
• Labor and human rights in own workforce
• Collective bargaining coverage and social dialogue
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO VALUE CHAIN WORKERS
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (potential)
• Work efficiency: A possible positive impact we foresee is improved work
efficiency and work-life balance for our customers’ workers. Crayon specializes
in providing digitalization and cloud services to customers. Through digital
transformation, we could therefore have a positive impact on workers in the
downstream value chain by making their workflows more efficient, saving them
time and money.
• By enabling automation, remote work capabilities, and data-driven decision-
making, Crayon’s solutions support operational improvements that can
reduce time-intensive tasks and enhance productivity. While indirect, these
advancements contribute to better work conditions for customers’ employees
by reducing inefficiencies and allowing for greater flexibility in work
arrangements.
Own operations Short- and medium-term
n Negative impact (potential)
• Working time: Crayon's business practices, including scoping, payment terms,
and timelines, could indirectly impact workers in the value chain. Excessive
overtime may increase the risk of burnout, health problems and workplace
safety concerns.
• Our internal business relationship owners coordinate engagement with third
parties They are therefore positioned to negotiate contractual terms and
conditions which may affect the working conditions of value chain workers.
Increased efforts to educate the relationship owners within Crayon and raise
awareness could reduce incidents of excessive overtime in our value chain.
This may be an action we take under review as part of our process of con-
tinuous improvement in third party relationship management in 2025.
Upstream Short-term
n Negative impact (potential)
• Freedom of association: In terms of potential negative impacts, workers in
Cray-on's value chain could potentially be negatively impacted if their rights
to freedom of association were curtailed or stripped by their employers, where
such freedoms are guaranteed by local law. Similarly, workers in Crayon's
value chain can potentially be negatively impacted if they are prohibited or
hindered from entering into collective bargaining agreements where the legal
landscape permits. We recognize that collective bargaining agreements can
be useful and essential tools to protect worker rights and give workers a voice
in strategic and operational decision-making.
• Crayon’s Partner Integrity Policy requires suppliers and partners to comply
with applicable labor laws, including the right to organize and negotiate
collectively. Crayon’s due diligence assessments in 2024 included evaluating
third-party ad-herence to these requirements, with non-compliant entities
flagged for follow-up actions.
• We also strengthened our grievance mechanisms, ensuring that value chain
workers can report labor rights violations through confidential and accessible
channels.
Upstream Short-term
n Negative impact (potential)
• Collective bargaining: Collective bargaining agreements can be useful and
essential tools to protect worker rights and give workers a voice in strategic
and operational decision-making. Workers in Crayon's value chain can
potentially be negatively impacted if they are prohibited from entering into
collective bargaining agreements where the legal landscape permits.
Upstream Short-term
n Negative impact (potential)
• Gender equality: There could be a potential negative impact on workers in
Crayon's value chain if there is no gender equality (e.g. in the form of equal
pay for men and women). Examples of negative impacts include depressed
and lagging wages for women, affecting their socioeconomic status and
lifetime earnings; insufficient gender balance and representation in leader-
ship roles in the software industry; difficulties achieving work-life balance due
to competing professional and personal obligations (depending on the social
and cul-tural context, men and women may be impacted in different but
negative ways).
• Crayon’s Partner Integrity Policy explicitly prohibits gender-based
discrimination, and due diligence assessments in 2024 included reviews of
diversity, equity, and inclusion (DEI) commitments. As part of our supplier
screening process, Crayon evaluates partners’ policies on workplace diversity
and fair compensation, reinforcing its commitment to fostering gender
balance in the technology sector.
Upstream, downstream Short-term
S2 WORKERS IN THE VALUE CHAIN
ESRS GOV-4
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
IRO type Description Actions taken Position in value chain Time horizon
n Negative impact (potential)
• Violence and harassment: Actual and potential violence and harassment
in any workplace within Crayon's value chain can have long-term negative
impacts on worker well-being.
• To protect value chain workers, Crayon’s Partner Integrity Policy includes
strictures against harassment.
• Our grievance mechanism in the form of a helpline and whistleblower
channel is available to value chain workers. We investigate allegations of
misconduct (including any that may involve violence and harassment). The
appropriate interventions and remedies are assessed on a case-by-case
basis.
Upstream Short-term
n Negative impact (potential)
• Forced labor: Because Crayon has a global and complex value chain the
pos-sibility of some unforeseen instances of forced labor is never completely
eliminat-ed. Based on our industry knowledge this is particularly true in
the following scenarios: in higher risk geographies which are known not to
respect labor and human rights; and amongst local service providers/business
partners in higher risk industries/sectors that are prone to human rights
violations (e.g. cleaning and catering).
• Crayon proactively addresses the risk of forced labor through the
enforcement of our Partner Integrity Policy as well as our labor and human
rights risk assessments of third parties.
• Based on the information at hand, we have no reason to believe there is
forced labor in our value chain and this remains a hypothetical, potential
negative impact.
Upstream, downstream Short- and medium-term
n Negative impact (potential)
• Limited language options in grievance mechanisms: Crayon's grievance
mechanisms are in English only and are not currently designed to be
accessible in the local languages of our local service providers and local
business partners. While it is unclear whether and to what extent this has
been detrimental in practice, theoretically we might fail to detect and address
human rights violations of workers in the value chain who are not proficient in
English.
• We may take into account the potential benefits of supporting multiple
languages in 2025 and explore the feasibility of ensuring non-English-
speaking workers can report concerns.
Upstream, downstream Short-term
n Opportunity
• Human rights information: There is potential reputational and financial risk
stemming from Crayon potentially associating with firms or organizations that,
unknown to us, in reality violate labor and human rights.
• In 2024, we strengthened our due diligence processes to better identify labor
and human rights risks among suppliers and business partners. Measures
included the introduction of a standardized assessment to enhance visibility
into high-risk geographies and sectors.
• We recognize there is room for improvement in the comprehensiveness
and granularity of the information available to Crayon about salient labor
and human rights issues in our value chain, including specifics around
geographies or vulnera-ble groups exposed to significant risk of human
rights violations.
Upstream Short- and medium-term
n Risk
• Insufficient value chain insights: At the same time, there is an opportunity to
improve the quality of our human rights information. This would benefit value
chain workers through more refined and targeted human rights due diligence
measures implemented by us, while also reducing Crayon’s exposure to the
potential reputational and financial risks of non-compliance.
Upstream Short- and medium-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Crayon believes in treating employees with respect
and dignity in our own operations and in the upstream
and downstream of our value chain.
Processes to identify material IROs
related to value chain workers
Our double materiality assessment identified material
IROs related to value chain workers based on our
generalized industry knowledge and direct experience
operating in 46 countries. Our process is described in
the section Double materiality assessment.
Identifying the workers in our value chain
The workers in Crayon’s value chain encompass the
workers of our upstream suppliers, spanning:
• Software vendors/publishers and software
suppliers.
• Hyperscalers.
• Workers of our local business partners and services
who support our local operations (e.g. couriers,
providers of office supplies).
Where relevant and appropriate, we also take
consider workers of our downstream customers –
our customers are public/government entities and
private companies. Our value chain workers therefore
represent the full spectrum from blue collar workers to
white collar professionals.
Value chain workers who are likely to be materially
impacted by Crayon’s operations and business
relationships are included in the scope of our
disclosures.
Due to differing regional and country cultural and
socio-political dynamics, some of the negative
impacts identified related to labor and human rights
issues may be systemic, rendering it difficult for
Crayon to effect change as a single actor. We do not
currently have insight into which negative impacts
would be described as systemic, nor in which country.
Neither are we aware which impacts, risks and
opportunities affect only certain groups of value chain
workers rather than all value chain workers.
Policies related to value chain workers
Crayon’s Partner Integrity Policy applies globally to all
our suppliers and business partners and is Crayon’s
equivalent to a supplier code of conduct.
The policy is shared with prospective suppliers and
business partners prior to onboarding, and signatures
affirming acknowledgement and adherence are
required, through an attestation form included in the
due diligence procedure and/or through the standard
contractual terms and conditions to be signed by
Crayon and the third party. Based on certain risk
criteria, Crayon’s Trust Unit conducts ongoing due
diligence to ensure continued compliance. We reserve
the right to terminate business relationships with
entities that do not uphold our standards.
Alignment with international standards
The Partner Integrity Policy aligns with the UN
Guiding Principles on Business and Human Rights
(UNGPs), ILO Conventions, and the OECD Guidelines
for Multinational Enterprises. It includes a specific
clause that promotes and protects the rights of value
chain workers by explicitly prohibiting discrimination,
harassment, child labor, and forced labor — including
all forms of modern slavery. The same clause requires
suppliers and partners to uphold health and safety
standards and ensure fair labor practices, including
fair compensation.
In 2024, there were no reported cases of non-respect
of the UN Guiding Principles on Business and Human
Rights, ILO Declaration on Fundamental Principles and
Rights at Work or OECD Guidelines for Multinational
Enterprises that involved value chain workers in our
upstream and downstream value chain.
Governance
Crayon’s Trust Unit is responsible for updating and
implementing our Partner Integrity Policy. The
mandate of the Trust Unit is to safeguard Crayon’s
business operations around the world, including
through third party due diligence to identify, mitigate
and prevent the risk of labor and human rights
violations in our value chain. The Trust Unit is led by
the Chief Security Officer, who reports to the Chief
Executive Officer.
The same roles and responsibilities for generalized
third party due diligence also apply to human rights
due diligence due to considerable practical and
logistical overlap between the two. For additional
information, please refer to G1 Business conduct:
Management of relationships with suppliers.
Accessibility
The Partner Integrity Policy is available on our internal
SharePoint and the global corporate website. As part
of our continual improvement process, this policy will
be updated in 2025 to serve as a Third-Party Code of
Conduct.
Our signatory status in relation to the
United Nations Global Compact (UNGC).
The UNGC is underpinned by 10 Principles,
six of which fall under the ‘human rights’
and ‘labor’ pillars.
Our alignment with the United Nations
Sustainable Development Goals.
Goal 8 (decent work and economic growth)
and Goal 10 (reduced inequality).
Our support for the United Nations Guiding
Principles on Business and Human Rights
(UNGPs).
We incorporate the UNGPs into the Crayon
Integrity Handbook and the Crayon Partner
Integrity Policy.
Planned and existing regulatory
instruments in Europe and other parts
of the world that are or may become
applicable to Crayon.
For example, the Norway Transparency Act
of 2022; the European Union’s Corporate
Sustainability Due Diligence Directive; and
the United Kingdom Modern Slavery Act of
2015.
Increasing customer awareness and
calls for action.
Customer concerns and demands are
expressed as sustainability criteria in
procurement processes and contracts,
and in requests for information.
1. 4.
2.
5.
3.
We choose to prioritize labor and human rights because of:
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Actions related to value chain workers in
2024
Due diligence assessments of our suppliers
and business partners
We are dedicated to continually enhancing our
practices and contributing to the advancement
of human rights and global value chain risk
management.
We assess our business partners throughout the
lifecycle of our relationships with them. From a labor
and human rights perspective, Crayon’s due diligence
assessments emphasize crucial aspects such as
human rights, child labor, decent working conditions
and DEI. The assessments ensure our business
partners’ compliance with international regulations as
well as our own rigorous standards. Where necessary,
we use the findings to discontinue relationships that
do not meet our standards.
In 2024, Crayon’s Trust Unit led further expansion and
refinement of our supply chain due diligence process.
Throughout the year we stress-tested a solution that
was based on an external platform and received user
feedback. It became apparent that, to improve and
achieve a higher standard of operational excellence,
we needed to take a different approach.
We therefore launched the One Crayon Onboarding
Process (OCOP) in 2024, which provides a clearer
framework for conducting thorough, efficient,
technology enabled assessments and evaluations.
We have now established a standardized,
questionnaire-based process for all types of third
parties. This is combined with data from OSINT and
private external providers, and covers a range of risk
areas, including ESG and integrity. To ensure third
parties do not contribute to or cause labor and human
rights violations, our risk assessments cover topics
such as:
• Compliance with laws and regulations.
• Endorsements of other voluntary commitments (e.g.
UNGPs).
• Previous or ongoing incidents or investigations,
fines or penalties for breaches or violations.
• Existence of internal and external whistleblowing
and reporting mechanisms.
• Adequacy of due diligence procedures throughout
their own value chain.
The third parties currently within scope of our new
OCOP process include prospective and existing
customers and global suppliers. In 2025, we will
migrate to local suppliers, local service partners and
local subcontractors that support our local in-country
operations. The main change at the local level will be
a shift to centralized governance and oversight.
In future, the OCOP process will also enhance the
follow-up reviews of third parties signalled in high-
risk categories, focusing on their governance maturity
and the integrity of the reported information under
this new due diligence process. Remedial actions
will be transparent and effectively implemented
across the organization - especially if related to third
parties to be offboarded or under quarantine due to
high severity/ critical findings across any domains,
including human rights within our supply chain.
Grievance mechanisms
Crayon has confidential channels for workers to report
their concerns about working conditions and other
labor and human rights issues. There is a dedicated
email address (concerns@crayon.com) and a
telephone hotline (+47 2396 8400).
Further information is provided in G1 Business conduct:
Overall approach to business conduct and corporate
culture under the heading 'Whistleblower channels.'
Accessibility to value chain workers
All of these channels, including whistleblowing
solutions), are as equally accessible to workers in our
value chain as they are to our own employees. They
are communicated on our global corporate website.
Workers who may be particularly vulnerable to
impacts or are marginalised can also use these same
channels.
Investigations and remedies for value chain workers
Crayon takes all legitimate reports made in good faith
seriously. Reports of potential misconduct involving
employees of our partners (value chain workers), are
handled with care and due process. All investigations
are carried out by a dedicated Investigations Team
under the supervision of the Trust Unit and ultimate
oversight by Crayon’s board of directors. The
Investigations Team may also collaborate with other
internal teams (such as ISDP, human resources and
legal) for investigative purposes or to ensure that
appropriate actions are taken.
Although Crayon has a standardized investigations
methodology, the appropriate interventions and
remedies are assessed on a case-by-case basis,
influenced by factors such as whether Crayon is
the direct cause of the harm, and the severity level
or negative impact experienced by the value chain
worker (s).
Protection of value chain workers from retaliation
External parties who make use of our reporting
and whistleblowing channels are protected from
retaliation by our strict non-retaliation policy for
concerns that are reported in good faith, as stated in
our Partner Integrity Policy.
Engagement with value chain workers
Our grievance mechanisms described above are the
ways in which we interact directly with workers in
our value chain. The frequency of engagement with
value chain workers is open-ended as the channels
are perpetually available and monitored at all times.
Engagement can occur whenever concerns are raised
or input is received.
Effectiveness of grievance mechanisms
The effectiveness of our grievance mechanisms is
determined by their accessibility (ease of access and
different available channels), stakeholders’ awareness
of how to use the system, performance reports with
key metrics (e.g. turnaround time from first answer to
final resolution), and possible feedback from users of
these mechanisms.
Factoring in the interests and views of value chain
workers
In the event incidents are reported, the findings from
Crayon’s investigation inform the strategic decision-
making of the internal stakeholders who manage our
relationships with suppliers and business partners.
Adjustments may also be made to our human rights
due diligence processes if deemed necessary. In
this way, the perspectives of value chain workers
can inform Crayon’s decisions or activities aimed at
managing actual and potential impacts.
Different role players within Crayon are therefore
positioned to ensure engagement with value chain
workers takes place, with the Chief Security Officer in
the forefront by virtue of leading the Trust Unit.
Moreover, our DMA informed our new global ESG
strategy. Labor and human rights due diligence in the
value chain is one of the 16 ESG focus areas in the ESG
strategy which is slated for 2025 – 2030, illustrating
how our material IROs related to value chain workers
influence our business model and business strategy.
Plans for 2025
We are exploring the possibility of conducting an in-
depth human rights risk assessment of our value chain
in 2025 to more concretely define the nature and scale
of the issues, and how we can address them.
Additionally, to champion human rights within the IT
services ecosystem, in 2025 we will invite customers,
partners, and suppliers to join our Global Partnership
Programs run by the Trust Unit. We aim to collect best
practices and evaluate possible improvements related
to labor and human rights.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Methodology
Reporting boundaries and definitions of key terms
• All labor and human rights complaints pertaining to
our value chain workers are taken seriously and are
subject to initial screening. If found to be valid and
reported in good faith, claims are then referred for
investigation by the Trust Unit. In 2024 there were
zero reported complaints, and zero investigations
were initiated / concluded.
• In addition to any reports received, the Trust
Unit performs risk assessment and due diligence
procedure to identify any red flags related to labor
and human rights in our value chain; in 2024 there
were zero concerns identified through this process.
Data sources
• We rely on data from the Trust Desk (run on a
Jira ticket management system); reports from our
whistleblowing channels which are received and
updated on an ongoing basis; and our internal
investigations dashboard.
• For risk assessment, we rely on data from a third-
party management system and CRM reports.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Assumptions
• All labor and human rights complaints are reported
to the Trust Unit or captured on our investigations
dashboard.
• All internal business relationship managers submit
all assessment requests for onboarding Suppliers
through the existing tools.
External validation
• The labor and human rights metrics were not
subject to validation by an external third party
other than the limited assurance provider.
Targets
We did not have targets to manage the material
impacts, risks , opportunities related to our value chain
workers in 2024. We may consider setting targets
upon completion of our anticipated human rights risk
assessment - this will be determined at a later date.
In terms of resources, our Trust Unit continues to play
a lead role in protecting labor and human rights
in our value chain through the policies, grievance
mechanisms and other actions outlined above. These
responsibilities are integrated into employees’ existing
roles and covered by the Trust Unit’s operational
budget. The work is also linked to other relevant areas,
such as supplier and vendor relationship management
and enterprise risk management.
117
197
55%
45%
34%
66%
Proportion of initiated assessments pending
follow-up actions or ongoing survey
Proportion of initiated assessments
completed by 31 December
20232024
2024 2023
Number of severe human rights issues and incidents connected to
upstream and downstream value chain e.g. forced labor, human
trafficking, child labor
0 0
Number of fines, penalties, and compensation for severe human
rights issues and incidents connected to upstream and downstream
value chain (monetary value, NOK)
NOK Zero NOK Zero
Proportion of Crayon third parties that have acknowledged and
committed to complying with Crayon’s Partner Integrity Policy
100% of completed due
diligence assessments
100% of completed due
diligence assessments
Number of grievances related to labor and human rights reported
by Crayon against third parties
0 0
Number of grievances related to labor and human rights reported
against Crayon by third parties
0 0
The metrics on number of severe human rights incidents and monetary value of fines and penalties are being reported for the first
time in 2024.
Other metrics shown in the table (e.g. number of signatories, number of grievances) are optional, entity-specific data points that were
previously reported in our stand-alone 2023 ESG Report. We have chosen to include and continue reporting on them in the current
reporting period for the completeness of reporting.
The metrics on Crayon third parties with labor and human rights risk assessments are optional, entity-specific data points that were
previously reported in our stand-alone 2023 ESG Report. We have chosen to include and continue reporting on them in the current
reporting period (2024) for the completeness of reporting.
Western Europe and Nordics: 79%
India and APAC: 8%
US: 7%
Central Eastern Europe: 3%
MEA and Africa: 4%
Western Europe and Nordics: 43%
India and APAC: 18%
US: 12%
Central Eastern Europe: 12%
MEA and Africa: 15%
2024 2023
Performance related to our value chain workers
Geographic breakdown of all initiated human rights risk assessments
Number of labor and human rights risk assessments initiated in the year
101
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SUSTAINABILITY STATEMENTS
GOVERNANCE
G1 Business conduct
G1 BUSINESS CONDUCT
Crayon is committed to adhering to all applicable laws
and regulations affecting our operations.
We take the appropriate measures to ensure our
employees understand the importance of honest and
ethical conduct and consistently reflect this in internal
and external interactions.
Processes to identify material IROs
Through our double materiality assessment, we
assessed the impact and financial materiality of
different business conduct matters related to our
global operations. The material business conduct IROs
that emerged are described throughout G1.
Note that we have made entity-specific disclosures
related to the following topics:
• Data privacy and information security.
• Responsible artificial intelligence.
The above issues are not covered at all under ESRS
but are nevertheless relevant to Crayon and surfaced
as material IROs in our DMA process.
In addition, where appropriate we supplement
ESRS-mandated disclosures with entity-specific data
points for completeness of reporting (e.g. supplier
relationship management).
Overall approach to business conduct
and corporate culture
ESRS GOV-4
Policies related to business conduct and
corporate culture
Crayon’s Secured Productivity Policy is a wide-
ranging policy that provides instructions to our
employees in areas such as commercial compliance,
business integrity (e.g. anti-bribery, international
sanctions), operational safety, information security,
and data protection such as privacy and responsible
AI. All employees are trained on the policy annually,
and relevant business functions receive additional
role-based directions.
Crayon’s delegation of authority (DoA) matrix
provides a clear framework for assigning authority to
approve actions and undertake specific tasks. The DoA
promotes employee autonomy and accountability,
thereby supporting regulatory compliance and risk
management.
In addition to the above, Crayon’s enterprise risk
management (ERM) framework plays a key role in
identifying and managing material risks in relation
to business conduct matters. It is designed to ensure
integrity and quality in the management of business
conduct and corporate culture risks across the global
organization.
The ERM framework consists of three interconnected
pillars – operational, tactical and strategic risk
management. This consolidated apporach ensures
that risks captured on the operational level are
centrally governed and addressed through Crayon’s
enterprise risk register. Business conduct risks with the
greatest impact on Crayon are subject to strategic
investment decisions and monitored by the executive
management team.
Governance
Crayon’s governance architecture and culture are
shaped and driven by the Legal Department and the
Trust Unit, each with distinct mandates:
Legal Department
• Mitigates legal risks and ensures compliance with
applicable laws and regulations.
• Provides legal support across the organization.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO GENERAL BUSINESS CONDUCT AND CORPORATE CULTURE
IRO type Description Actions taken Position in value chain Time horizon
n Risk
• Risk management for positive business conduct: Crayon is
committed to good corporate governance. Ineffective risk
management could result in financial losses and negatively
affect investor perceptions.
• Our training and awareness campaigns are multidimensional
and are not confined to anti-bribery and corruption. And our
delegation of authority matrix, Secured Productivity Policy
and enterprise risk management framework all help to drive
conduct and culture oriented towards ethics and integrity.
• Risk management undergirds everything we do in relation to
business conduct.
Own operations Short-, medium-,
and long-term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
• Defines and oversees the Delegation of Authority
matrix.
• Led by the Chief Legal Officer, who reports to the
Chief Operating Officer.
Trust Unit
• Safeguards Crayon’s business operations and data
processing activities globally
• Has a global control function covering:
- Commercial compliance.
- Business integrity, including anti-bribery and
international sanctions.
- Operational safety.
- Information security.
- Data protection, including privacy and
responsible AI.
• Leads the development and implementation of the
Secured Productivity Policy and the enterprise risk
management framework.
• Led by the Chief Security Officer, who reports to the
Chief Executive Officer.
Board involvement
In 2024, Crayon’s board of directors completed an
internally designed ESG-focused self-assessment
survey to evaluate their competencies. Business
conduct matters spanning topics such as business
ethics and integrity, corporate governance and
enterprise risk management were rated highly as
areas of competence held by our board members.
The results also showed specific board strengths in
areas such as anti-bribery and corruption, and the
leadership role of the board and board committees.
In addition to their own expertise in business conduct
matters, the board draws on the expertise of the
different teams across Crayon.
The Chief Security Officer has a direct reporting
line to the chairperson of the board of directors to
safeguard independence in the handling of integrity
investigations. Investigations into anti-bribery and
corruption cases are regularly reported to the board
of directors and the audit and ESG committee.
Executive management team’s involvement
Led by the Chief Executive Officer, Crayon’s
executive management team regularly reinforces the
importance of ethics and integrity during town halls
and other forums aimed at large groups of employees.
Actions related to overall business conduct
and corporate culture in 2024
Dissemination of Crayonite business conduct values
and culture within our operations
To strengthen risk management and proactively
address potential local risks such as corruption and
bribery, in 2024 the Legal Department led the process
of revising and standardising the composition of the
internal board of directors for all local Crayon entities
and subsidiaries (i.e. excluding the parent holding
company). This governance measure ensures more
centralised oversight of all subsidiaries and supports
consistent representation and application of Crayon’s
core values and corporate culture worldwide.
Another initiative by the Legal Department in 2024
was the introduction of quarterly legal reporting
by all Crayon entities of all potential or ongoing
legal or compliance cases. The reported cases are
analyzed and subsequently shared with the executive
management team, which can take appropriate
action if necessary. This initiative provides an early
warning system for legal or compliance risks, while
strengthening local transparency and accountability
to the parent company.
Whistleblower channels
Crayon operates a ‘speak-up’ culture for our
employees and external individuals to feel
comfortable raising any potential integrity
concerns. Accordingly, a variety of ways to submit a
whistleblowing report or raising concerns is offered,
anonymously or not:
• In person - reaching out directly to the Chief
Security Officer or to the integrity investigations
team members.
• A dedicated email (concerns@crayon.com) and
telephone hotline (+47 2396 8400).
In the beginning of 2024, we had an externally
managed online whistleblowing portal. It was
deactivated after the first quarter to safeguard
against potential conflicts as the service provider was
also bidding to provide audit services to Crayon.
Throughout 2024, the Trust Unit actively evaluated
alternative external whistleblowing solutions that
can comply with international directives while
guaranteeing complete anonymity. A final decision
and subsequent roll out are expected during the first
half of 2025.
Internal employees are trained of these procedures
through our Secured Productivity Policy and
awareness is reinforced through internal
communication forums such as townhalls and
community calls.
The whistleblowing channels are also widely
communicated through our policies, public company
webpage and internal SharePoint.
All investigations relating to integrity and compliance
concerns are executed by an independent team and
in an impartial and objective manner, ensuring that all
investigations are conducted thoroughly and ethically.
Protection from retaliation
To protect whistleblowers and ensure their reports
are investigated and addressed, we have internal
procedures that comply with the European Union
Whistleblower Directive (EU 2019/1937).
Retaliation against any employee who, in good
faith, reports suspected compliance violation or for
cooperating in an investigation is strictly prohibited.
Confidentiality regarding employee concerns will
be maintained at all times insofar as is legal and
practical, informing only those personnel who have a
need to know.
Investigations
Crayon is committed to investigating business
conduct incidents promptly, independently, and
objectively, leveraging a structured, hypothesis-
driven methodology to enhance the integrity of our
investigative processes.
Our approach to investigations includes robust
mechanisms for identifying, reporting, and
investigating concerns related to unlawful behaviour
or violations of our Secured Productivity Policy. These
mechanisms are accessible to both internal and
external stakeholders, ensuring transparency and
accountability.
Crayon’s investigation framework requires each case
to be examined from multiple angles. Investigators
conduct interviews with relevant individuals and
review supporting documentation.
• Preliminary assessments are completed within 30
calendar days from the receipt of allegations.
• Full investigations, including final reports, are
completed within six months from the start of the
investigation process.
Crayon has reinforced its investigative framework
to systematically assess business conduct incidents,
including corruption and bribery. This enhanced
methodology integrates risk-based prioritization,
root cause analysis, and evidence-based hypothesis
testing to drive thorough and objective investigations.
Going forward, Crayon plans to incorporate a
severity matrix to further enhance its investigation
methodology. This will provide a structured
assessment of incidents based on risk, impact, and
urgency, ensuring a proportionate and effective
response to business conduct concerns.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Performance related to overall business
conduct and corporate culture
Training and communication related to integrity and
ethical conduct
In coordination with the human resources team,
our trust advocate team drives annual integrity
awareness training to all Crayon employees through
the Secured Productivity Policy training campaign. In
addition to this annual cycle, Crayon also requires its
new employees to execute this same training when
onboarding.
An outline of the integrity and ethics training contents
is presented here:
• Acting with integrity and representing Crayon with
integrity
- Including but not limited to: conflicts of
interest, gifts and hospitality, interacting with
government officials, and donations.
• Third party compliance
- Focusing on the vetting and due diligence
procedures related to customers, partners and
suppliers.
• “Speak-up” culture and the available
communication channels to report any concerns
related to bribery and corruption.
Crayon business conduct and corporate culture
training (including training on ethics and integrity) -
training based on our Secured Productivity Policy
2024 2023
Number of employees trained
1
, ,
New joiners ,
Annual training for existing employees , ,
1
Number of trained employees at the close of the annual secured
productivity training campaign.
These metrics are being reported on for the first time in the
2024 reporting period and were not previously part of our ESG
disclosures in the stand-alone 2023 ESG Report.
Beyond ethics and integrity training, our secured
productivity training covers a wide range of topics
related to business conduct and corporate culture.
Upon completion of the training, final signoff is
mandatory, with employees agreeing to comply with
the Secured Productivity Policy and agreeing that
breaches may result in disciplinary procedures.
The training is designed to empower our employees to
uphold the highest integrity standards in all business
activities and relationships. In its entirety, the training
covers the topics shown at the bottom of this page.
Methodology
Approach
• Individuals are automatically assigned to online
training. The training includes checkpoints for
knowledge validation in each theme and a final
signoff of the Security Productivity Policy.
• Reminders for completion are sent on a regular
basis, and the escalation process may include
intervention from direct managers and eventually
other controls until completion.
Data sources
• We rely on data from Crayon’s human resources
data management system (TalentSoft) for training
statistics.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
External validation
• These metrics are externally reviewed and
validated by TUV Sud within the framework of
Crayon's annual external audit and certification
cycle for: ISO 27001, ISO 27701, and ISO 37001.
Targets
There were no 2024 targets related to overall business
conduct and corporate culture.
All foundational components for Integrity have been
laid through our annual mandatory training for
existing employees and new joiners.
We may consider setting targets in the future if there is
an evolution in threats and vulnerabilities, or a change
in the number of incidents related to business conduct.
CRAYON BUSINESS CONDUCT AND CORPORATE CULTURE TRAINING CONTENTS BASED ON OUR SECURED PRODUCTIVITY POLICY
Theme of training Training objectives Topics covered in training
Secured business operations To create work environment is safe and business activities and
relationships are driven by integrity
Operational safety
Operational security
Acting with integrity
Secured data processing To ensure a work environment where accounts and tools are
secured, personal and private data are protected, and artificial
intelligence is adopted responsibly
Information security
Personal and private data protection
Responsible artificial intelligence
Secured business ecosystem To maintain a work environment where bribery and corruption is
not tolerated, and external relationships are founded on Crayon’s
integrity standards
Representing Crayon with integrity
Third party compliance
Reporting channels and grievance mechanisms To explain how concerns are handled Available tools, channels and support mechanisms to report
concerns or address issues
104
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Management of relationships with
suppliers
ESRS GOV-4
Policies related to supplier relationship
management
Our global Partner Integrity Policy described above
applies globally to all our suppliers and business
partners.
The Policy establishes Crayon’s right to perform
due diligence on our value chain, emphasizing
our partners' understanding of their obligations
across critical areas such as ethics, security, privacy,
environmental governance, diversity, equity, and
inclusion (DEI), human rights, child labor, and fair
working conditions.
Additionally, the policy sets clear expectations for anti-
bribery and anti-corruption compliance and requires
adherence to applicable antitrust and competition
laws, as well as sanctions and trade regulations in all
countries where Crayon operates.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO SUPPLIER RELATIONSHIP MANAGEMENT
IRO type Description Actions taken Position in value chain Time horizon
n Negative impact (potential)
• Supply chain risk: Crayon recognizes the inherent risks in its supply chain, as
not all suppliers may uphold sustaina-ble business practices, creating poten-
tial that could affect our operational
• In 2024, Crayon increased its use of tech-nology-enabled solutions to automate
supplier screening and due diligence pro-cesses, enhancing efficiency in
managing compliance risks. Suppliers that fail to meet our sustainability
standards are sub-ject to offboarding or contractual termina-tion if necessary.
• Crayon’s Partner Integrity Policy serves as the foundation for supplier screening,
re-quiring all third parties to formally acknowledge and commit to compliance.
Upstream, own
operations, downstream
Short-, medium- and
long-term
n Negative impact (potential)
• Supplier screening: Crayon ensures responsible sourcing by integrating
ESG criteria into procurement decisions. While Crayon does not produce IT
hardware and software, we carefully evaluate suppliers to uphold ethical and
sustainable business practices.
• Crayon’s Partner Integrity Policy serves as the foundation for supplier screening,
re-quiring all third parties to formally acknowledge and commit to compliance.
• By maintaining clear supplier standards and engaging in ongoing monitoring,
Cray-on helps mitigate risks and support positive impacts throughout its value
chain.
Upstream Short-, medium- and
long-term
n Risk
• Risk associated with large partners and suppliers: Crayon acknowledges the
risks linked to large-scale partner-ships and closely monitors its partner-ships
with major suppliers to manage reputational and operational risks, en-suring
responsible business practices throughout our supply chain.
• We apply a shared responsibility model for strategic suppliers, such as
Microsoft, ensuring active participation in onboarding and risk assessments.
Enhanced due diligence procedures focus on anti-bribery, corruption risks, and
social and environmental impacts throughout the value chain.
Own operations Long-term
Alignment with international standards
The policy is aligned with the UNGPs, ILO conventions
and OECD Guidelines for Multinational Enterprises.
Governance
The Trust Unit is responsible for updating and
implementing our Partner Integrity Policy. As part of
our continual improvement process, this policy will
be updated in 2025 to serve as a Third-Party Code of
Conduct.
The same roles and responsibilities for generalized
third party due diligence also apply to generalized
sustainability or ESG due diligence due to consider-
able practical and logistical overlap between the two.
If any team member across Crayon (anyone acting as
internal Business Relationship Owner - BRO) intends
to initiate a business relationship with a Third Party, it
is their obligation to follow the applicable onboarding
procedures, in accordance with our Secured
Productivity Policy:
1. The BRO will coordinate any interactions with
the third party and ensure that all information is
available for a successful and complete assessment
executed by Crayon’s Trust Unit.
2. As a result of the information provided, and with
the support of other internal risk experts (legal,
compliance, information security and data
protection (ISDP), ESG teams), the Trust Unit will
define the applicable rules of engagement to be
followed by the BRO and the third party.
3. Depending on the identified risks, any rules
of engagement may only be revised after an
assessment by the head of the Trust Unit, following
the applicable level of approval as per the relevant
Crayon management systems and final signoff by
the local general manager.
4. The BRO should then respect and adequately
communicate the outcome of Crayon’s vetting
procedures for customers, partners and suppliers.
5. Any findings related to the due diligence process
improvements are presented during Crayon’s
management system review meetings. This ensures
comprehensive reporting in case management,
event patterns and lessons learned to the executive
management team and the Board of directors.
The goal is to strengthen Crayon’s effectiveness
and efficiency in managing and resolving these
requests.
Accessibility
The policy is shared with prospective suppliers and
business partners prior to onboarding, and signatures
affirming acknowledgement and adherence are
required, through an attestation form included in the
due diligence procedure and/or through the standard
contractual terms and conditions to be signed by
Crayon and the third party.
Based on certain risk criteria, Crayon’s Trust Unit
carries out due diligence on an ongoing basis to
ensure continued compliance – we reserve the right to
terminate business relationships with entities that do
not uphold our standards.
Actions related to supplier relationship
management in 2024
In 2024, Crayon faced a continued rise in the volume
and complexity of requirements from regulators and
customers related to ESG, integrity, international
105
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
sanctions, security and privacy. Consequently, we
relied more heavily on technology-enabled solutions
to automate screening and vetting of third parties for
compliance purposes.
We give special attention to strategic suppliers
such as Microsoft by operationalizing a shared
responsibility model. Under this model, Crayon actively
participates in the onboarding process, which may
include targeted risk assessments and enhanced
due diligence. These efforts focus on areas such as
anti-bribery and corruption, as well as social and
environmental impacts across the value chain.
Plans for 2025
Commercially, global suppliers play a crucial role in
helping us deliver our services and solutions.
However, they may have practices over which Crayon
has no control that negatively impact people and
the environment. Crayon is potentially exposed to
financial and reputational risk by association. To
influence through collaboration and level the playing
field, in 2025 we will invite suppliers to join our global
partnership programs which aim to drive collective,
ecosystem-wide improvements in ethical and
sustainable business conduct.
In 2025, we will enact changes at the local level
towards more centralized and standardized
governance and oversight of supplier vetting, due
diligence and overall relationship management. Such
changes will ensure more consistent consideration of
social and environmental criteria.
In 2025 and beyond we expect the ESG criteria we
apply to our suppliers and business partners to evolve
in lockstep with the maturity of Crayon’s ESG program,
as well as local and international ESG regulations. We
anticipate these internal and external developments
will lead Crayon to set even higher standards to
onboard or reject different third parties in the future.
Methodology
Because policies to prevent late payments to suppliers
(specifically SMEs) was not assessed as one of our
material IROs in our DMA, we do not report on it here.
Data sources
• We rely on data from a third-party management
system, and reports from our customer relationship
management system (CRM).
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Assumptions
• All internal business relationship managers submit
all assessment requests through the existing tools.
External validation
• These metrics are externally reviewed and
validated by TUV Sud within the framework of
Crayon's annual external audit and certification
cycle for: ISO 27001, ISO 27701, and ISO 37001.
Targets
There were no 2024 targets related to supplier
relationship management.
All foundational components for third party
management (including suppliers) have been laid.
We may consider setting targets in future if there is
an evolution of the threats and vulnerabilities, or a
change in the number of incidents related to supplier
management.
117
197
55%
45%
34%
66%
Proportion of initiated assessments pending
follow-up actions or ongoing survey
Proportion of initiated assessments
completed by 31 December
20232024
Performance related to supplier relationship management
Number of Crayon suppliers with due diligence assessments initiated in the year
2024 2023
Proportion of Crayon third parties that have acknowledged and
committed to complying with Crayon’s Partner Integrity Policy
100% of completed due
diligence assessments
100% of completed due
diligence assessments
Number of suppliers offboarded (terminated) due to breaches of
Partner Integrity Policy or other business conduct issues
0 0
Number of rejected suppliers during Crayon’s onboarding
assessment process
1
3 2
1
For not meeting the basic integrity and security criteria for onboarding purposes (e.g.: total lack of a corporate compliance
program or critical controls).
These metrics are optional, entity-specific data points that were previously reported in our stand-alone 2023 ESG Report. We have
chosen to include and continue reporting on them in the current reporting period (2024) for the completeness of reporting.
106
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Prevention and detection of bribery and
corruption
As a global multinational company, Crayon
acknowledges that the diversity and complexity of
business cultures in the countries Crayon operates
elevates the risk of bribery and corruption. There may
be a possibility of allegations of corruption against
Crayon, even if they are ultimately disproven.
Functions at risk of bribery and corruption
The Crayon business functions most at risk are those
associated with recruitment and employment, sales,
commercial and charitable activities, including
commercial transactions with government entities.
ISO 37001 certification
Crayon’s anti-bribery management system is ISO
37001 certified, affirming that we have robust policies
and systems in place to manage bribery-related
risks and incidents. This audit-based certification is
managed by the Trust Unit. Crayon’s anti-bribery
management system includes centralized vetting
and auditing of third parties to ensure they adhere to
Crayon’s anti-bribery standards.
Policies related to anti-bribery and
corruption
Crayon has a zero-tolerance approach to corruption
and bribery and are committed to enforcing
compliance with anti-bribery and corruption laws
in all parts of our business. We respect and comply
with legislation such as the UK Bribery Act and the
US Foreign Corrupt Practices Act, as well as industry
codes of conduct where relevant.
Crayon’s global Secured Productivity Policy and
the global Anti-Bribery & Corruption Policy set the
internal guidelines and procedures for all senior
leaders and employees. As part of the onboarding and
annual training, each individual is required to formally
acknowledge and sign off on these policies.
We expect all third parties acting on behalf of Crayon
or seeking to conduct business with us, to comply
with our ethics and compliance policies. Crayon’s
Partner Integrity Policy also includes anti-bribery and
corruption provisions. In addition to the provisions in
the Partner Integrity Policy, partners and suppliers are
also required to agree to standard contractual terms
and conditions related to anti-bribery and corruption.
These policies provide detailed guidance on how to
prevent, detect, and address potential incidents or
allegations of bribery and corruption. This includes,
but is not limited to:
• Disclosure of conflicts of interest.
• Interactions with government officials.
• Employment practices.
• Third-party due diligence.
• Gifts and hospitality.
• Sponsorships and donations.
• Financial and non-financial controls.
Our policies also include detailed guidance for
reporting any concerns on anti-bribery and corruption
through the already mentioned channels. These
concerns are addressed by the Investigations Team for
general concerns on business conduct.
Alignment with international standards
The Secured Productivity Policy, the Anti-Bribery &
Corruption Policy and the Partner Integrity Policy are
aligned with the United Nations Guiding Principles,
and respect internationally recognized standards
including OECD Guidelines for Multinational
Enterprises and the OECD Due Diligence Guidance for
Responsible Business Conduct.
Governance
Crayon’s Secured Productivity Policy, Anti-Bribery
& Corruption Policy and Partner Integrity Policy are
formulated and implemented by the Trust Unit with
support from other relevant functions.
Accessibility
The Partner Integrity Policy and a public version of
the Secured Productivity Policy is available on our
corporate global website. The Anti-Bribery Policy is
available on our Trust Unit SharePoint (intranet).
Independence and accountability related to
anti-bribery and corruption measures
Group and local management teams, alongside
relevant functions, are involved in preventing and
detecting corruption and bribery. These teams and
functions are accountable to implement, execute,
follow, and maintain the designed procedures and
tools related to our anti-bribery and corruption
management system.
These operational teams are separate from Crayon’s
Compliance and Integrity team (COIN), which includes
an Investigations Team. The Investigations Team is
responsible for addressing concerns or incidents
related to bribery and corruption, whether reported
internally by employees or externally by third parties.
Cases are reported directly to the board of directors
and the audit and ESG committee on a regular basis.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO ANTIBRIBERY AND CORRUPTION
IRO type Description Actions taken Position in value chain Time horizon
n Risk
• Unethical behaviour in own workforce: We acknowledge we may be
exposed to the risk of external attempts to exert a corruptive influence on our
employees, given the diversity and complexity of business cultures around the
world. It is therefore important to equip our employees with the right decision-
making tools and escalation points.
• Crayon has a group-wide ISO 37001-certification and conducts mandatory
anti-bribery and corruption training annually. The Compliance and Integrity
(COIN) team offers guidance on integrity risks and oversees investigations into
potential violations. A global Background Verification Policy was introduced in
2024 for sensitive roles, ensuring additional checks and balances in hiring.
Own operations Medium-term
n Risk
• Third party corruption and bribery: Crayon acknowledges the risk of bribery
and corruption cases within its value chain. Cases of bribery and corruption
by third parties within Crayon's business ecosystem would have a significant
financial and reputational impact on Crayon and may also have grave
repercussions on society and democratic values.
• All third parties acting on behalf of Crayon are required to comply with the
Partner Integrity Policy, which includes stringent anti-bribery and corruption
provisions. In 2024, we strengthened our third-party due diligence processes,
with a particular focus on conflicts of interest, past compliance breaches, and
financial controls.
Upstream, own
operations, downstream
Short-, medium- and
long-term
107
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
The COIN team reports to the Chief Security Officer
and includes specialists in:
• Ethics and anti-bribery and corruption.
• Trade compliance.
• Compliance with specific vendor standards, such
as Microsoft and IBM.
• Internal audits.
• Integrity investigations.
COIN works closely with other teams across Crayon to
define the guiding framework for managing integrity
and compliance risks. This includes the development
of policies, procedures, and tools that ensure Crayon’s
compliance with applicable laws and regulations in all
its business dealings.
To safeguard independence in the handling of
integrity investigations, the Chief Security Officer has
a direct reporting line to the chairperson of the board
of directors.
Actions related to anti-bribery and
corruption in 2024
We are dedicated to continually enhancing and
advancing our anti-bribery management system. A
critical component is the assessment of our business
partners throughout the lifecycle of our relationships
with them. From an ant-bribery and corruption
perspective, Crayon’s due diligence assessments
emphasize crucial aspects such as employment
practices, potential conflicts of interests, previous
breaches or investigations and other financial or non-
financial controls.
To mitigate Crayon’s risks regarding employment
practices such as new hires, promotions or internal
transfers, the Trust Unit supported the implementation
of a global Background Verification Policy In 2024. The
policy was developed by the group human resources
team and introduces additional checks and balances
for sensitive positions and roles within Crayon.
There were no breaches in procedures and standards
related to antibribery and corruption in 2024.
Plans for 2025
Looking ahead to 2025, synergistic risk management
will be an avenue we explore. We will aim for further
integration of the anti-bribery management system
with other Crayon management systems (e.g. quality,
information security).
Performance related to anti-bribery and
corruption
Training related to anti-bribery and corruption
Crayon’s anti-bribery and corruption training is hosted
on an internal online platform, TalentSoft. The training
covers the main high-risk of transactions related to
bribery and corruption. It is part of our overarching
secured productivity training. The training is
mandatory for all new employees during onboarding,
and for all existing employees on an annual basis.
In 2024, all new and existing employees completed
the training, including 100 percent of functions
identified as being at risk of bribery and corruption.
This represents the same completion rate as in 2023.
Additional information is provided on page 103, under
the heading 'Training and communication related to
integrity and ethical conduct'.
Crayon’s executive management team and board of
directors did not participate in our antibribery and
corruption training in 2024, but their participation in
future years remains a possibility.
Methodology
Approach
• Potential violations of anti-bribery and corruption
laws are always subject to internal investigations
and reported to applicable authorities.
• Anti-bribery and corruption training is included in
the Secured Productivity Policy (upon onboarding
and mandatory annual training).
Data sources
• Where training is concerned, we rely on data from
Crayon’s human resources data management
system (TalentSoft) for training statistics.
• Where potential violations are concerned, we rely
on data from our internal investigations dashboard.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
Any assumptions
• All violations of anti-corruption and anti- bribery
laws are reported to the Trust Unit.
External validation
• These metrics are externally reviewed and
validated by TUV Sud within the framework of
Crayon's annual external audit and certification
cycle for: 1SO 27001, ISO 27701, and ISO 37001.
Targets
There were no 2024 targets related to anti-bribery
and corruption.
As stipulated in our Secured Productivity Policy,
Crayon has zero tolerance for bribery and corruption.
All foundational components for anti-bribery and
corruption have been laid through annual mandatory
training for existing employees and new joiners.
We may consider setting targets in future if there is an
evolution in threats and vulnerabilities, or a change
in the number of incidents related to bribery and
corruption changes.
CONVICTIONS AND FINES
2024 2023
Number of convictions for violation of
anti-corruption and anti-bribery laws
Zero. Crayon was not convicted of any
violation of anti-corruption and anti-
bribery laws
Zero. Crayon was not convicted of any
violation of anti-corruption and anti-
bribery laws
Number of fines for violation of anti-
corruption and anti-bribery laws
NOK Zero. Crayon was not fined for any
violation of anti-corruption and anti-
bribery laws
NOK Zero. Crayon was not fined for any
violation of anti-corruption and anti-
bribery laws
These metrics are being reported on for the first time in the 2024 reporting period and were not previously part of our ESG disclosures in the
stand-alone 2023 ESG Report.
108
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Data privacy and information security
Entity-specific
Crayon’s business operations and services entail
extensive data processing. In particular, our
managed IT and AI services, require us to store and
further process both business and personal data for
customers around the world.
As an IT service provider, Crayon accepts the
inevitable rise of external threats of cyberattacks and
security and privacy events. Risk is heightened by the
rapid speed with which the technology used to extract
and process data is evolving in complexity.
A breach of customer confidential data could
therefore have a negative impact on customers and
society at large, accompanied by significant financial
and reputational ramifications for Crayon.
Because information security and data protection
are paramount to our operations, we have baked
‘privacy by design’ and ‘security by default’ into how
we develop and run our internal and customer-facing
services.
Policies related to data privacy and
information security
Crayon’s main policy for information security and
data privacy is the global Secured Productivity Policy.
It brings together key requirements from multiple
internal policies and presents them in a clear and
accessible format for all employees across the
organization.
Supplementing the Secured Productivity Policy are
additional instructions on security and privacy. These
are divided into two categories: role-based and
requirement-based.
• Role-based instructions outline specific
requirements for relevant roles and teams across
the organisation.
• Requirement-based instructions are tailored to the
individual needs of employees, depending on the
nature of their responsibilities.
This approach ensures that employees receive the
information most relevant to their duties, without
being overwhelmed by content that does not apply to
their day-to-day work.
Governance
Crayon’s Trust Unit is led by Crayon’s Chief Information
Security Officer (CISO) who is responsible for
managing the information security team, data
protection team and a trust advocate. The trust
advocate is responsible for addressing potential
people vulnerabilities in the organization. The team
also has an independent data protection officer
who oversees and co-leads the data protection and
privacy program within Crayon.
The Crayon Trust Unit, through the Information
Security and Data Protection team, has overall
responsibility for the creation and maintenance of
the data privacy and information security policy and
associated instructions, working with all relevant
stakeholders across the business to ensure that the
policies and instructions are aligned with business
requirements.
Accessibility
All these documents were available on the internal
Trust Unit SharePoint site (intranet) which is
accessible to all employees in 2024. In 2025, these
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO DATA PRIVACY AND INFORMATION SECURITY
IRO type Description Actions taken Position in value chain Time horizon
n Positive impact (actual)
• Capacity building and ecosystem data protection: Crayon helps customers
and other third parties strengthen their security and privacy frameworks,
contributing positively to the protection of confidential data.
• Crayon actively supports its customers and partners in strengthening their
security and privacy frameworks. In 2024, we enhanced our collaboration with
customers by integrating security-by-design principles into service offerings
and conducting tailored briefings on emerging privacy risks.
Downstream Short-, medium- and
long-term
n Negative impact (potential)
• GDPR compliance and in-service data protection: Crayon recognizes the risk
that its service delivery teams may unintentionally cause a potential breach of
cus-tomer confidential data. Crayon follows rigorous data privacy standards
and en-sures compliance with GDPR and other regulations to protect costumer
infor-mation.
• In 2024, Crayon updated its Privacy Policy to improve transparency, revised its
records of processing activities, and strengthened con-tractual privacy terms
with partners and suppliers. Crayon conducts prelaunch privacy compliance
reviews for new products and services. Data minimization techniques, including
pseudonymization, are applied to reduce the risk of customer data exposure
during AI and data analytics projects.
Downstream Short-, medium- and
long-term
n Opportunity
• Internal and external resilience on data privacy and information security:
Crayon helps third parties within its business eco-system enhance their
security and privacy management. We leverage our expertise and continuously
improve internal measures to strengthen resilience against potential risks.
• In 2024, Crayon successfully maintained ISO 27701 certification and updated its
Information Security Management System to comply with NIS2 requirements. A
new senior security operations leader was appointed.
Own operations,
downstream
Short-, medium- and
long-term
n Risk
• External threats to customer data: We acknowledge the risk of data breaches
or attempted cyberattacks. Crayon implements strict data security measures
to prevent breaches and mitigate cybersecurity risks, ensuring that customer
data remains protected.
• In 2024, Crayon enhanced its privacy risk assessments, minimized personal
data collection where possible, and strengthened technical data loss prevention
controls. Continuous audits and proactive security monitoring help detect and
address potential threats before they escalate.
Own operations,
downstream
Short-, medium- and
long-term
n Risk
• Internal threats to customer data: Employees have access to confidential
busi-ness data and could potentially leak information to competitors and other
actors whether inadvertently or on purpose.
• Employees are trained annually on secure data handling, including recognizing
and mitigating insider threats. In 2024, Crayon further strengthened its internal
security posture by improving identity and access management controls and
deploying automated monitoring tools to detect unauthorized data access.
Downstream Short-, medium- and
long-term
109
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
transformation services and support functions.
By collaborating with teams across the business,
we ensure that privacy by design is baked into
all workstreams within Crayon. This provides our
customers, employees, and other third parties the
highest assurances of their privacy rights.
We provide early input to product and service
development teams by incorporating privacy
checkpoints into formal development processes.
Additionally, we conduct pre-launch privacy
compliance reviews of products, software, and
services for both internal and external use.
A prime example of our preventative approach to
data protection risks in service delivery is our data
minimization review. This review is performed by
Crayon and our customers at the beginning of each
Data and AI project. Wherever possible, we use
the results of these reviews and methods such as
pseudonymization to process large amounts of data
while avoiding or limiting personal data. We perform
ongoing reviews and audits to continuously improve
our security and privacy controls.
We ensure that supplier and partner agreements
include appropriate privacy and security terms. This
includes assisting the Crayon Data Protection Officer
in updating data privacy agreement templates and
enhancing privacy and security-focused addenda.
Actions related to data privacy in 2024
In 2024 Crayon maintained its ISO 27701 certification.
We increased our transparency with customers,
partners, and individuals, such as job applicants
and office visitors, by improving our Privacy Policy.
This includes providing transparent and clear
information about our processing activities. Our efforts
encompassed clear privacy policies and regular
disclosures about data practices to build trust with
stakeholders.
We thoroughly reviewed and updated our records of
processing activities to ensure strict adherence to data
privacy principles in 2024. This included reducing the
amount of personal data collected for internal services
wherever possible. By minimizing data collection, we
not only enhance privacy protection but also reduce
the potential risks associated with data breaches.
Additionally, we implemented robust technical policies
for data storage to ensure the security and integrity of
the data we do retain.
Plans for 2025
As we head into 2025, Crayon will continue to take
proactive steps that improve our privacy practices. We
will enhance our privacy risk assessments to identify
potential vulnerabilities and implement measures to
mitigate these risks. This proactive approach helps
maintain a strong privacy posture and ensures that we
are prepared to address any emerging threats.
We also plan to establish a network of privacy
champions within our organization to advocate for
privacy best practices and help ensure compliance
with privacy policies. By fostering a culture of privacy
awareness, we aim to strengthen our overall data
protection efforts.
Security by default
Actions related to information security in 2024
We successfully executed our information security
priorities in 2024 which were all geared towards
a combination of efficiency, building scale and
maturity, and compliance with internal and external
requirements:
• Establishing strong collaborations between our
internal security team and the Cybersecurity
Services CoE to reap benefits for internal security
posture and Crayon’s customers.
• Update ISMS to ensure compliance with NIS2.
• Deployment of improvements to our identity access
management framework.
• Improve automation and visibility as part of
satellite security support services outside of
primary Crayon tenant.
ISO 27001
What does it mean?
Certification for information security
management system
Crayon entity: All Crayon globally
Trusted Information Security
Assessment Exchange (TISAX)
What does it mean?
Assessment required for processing confidential
business and personal data in the automotive
industry.
Crayon entity: Germany
ISO 27701
What does it mean?
Certification for privacy information
management system
Crayon entity: All Crayon globally
Cyber Essentials Plus
What does it mean?
Government-backed, industry-supported
certification scheme for organizations to
demonstrate operational security against
common cyber-attacks
Crayon entity: United Kingdom and Singapore
Your data is safe with Crayon
same documents will continue to be available on the
Security Unit SharePoint site (intranet).
Privacy by design
Crayon safeguards the privacy of those individuals
whose personal data we process. We use the
European Union General Data Protection Regulation
(EU GDPR) as our core foundation for the application
of privacy within Crayon. As a global company
we also adhere to national legislation where local
requirements are stricter than the EU GDPR. This is all
managed within our privacy information management
system.
We continuously track global privacy and data
protection laws and regulatory trends to enhance
Crayon's privacy practices and processes. In
addition to harmonizing requirements, we integrate
global privacy and data protection standards into
comprehensive guidelines and customer briefings.
These briefings detail how we handle personal
information and other types of data, as well as the
development and updating of our privacy policies and
procedures.
We invest in advanced technology and maintain
resilient technical and organizational measures
to protect the data we process for our digital
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
To further minimise the chances of Crayon being
used as a backdoor into customer environments, we
improved the security of our cloud solutions provider
platform that has access to customer environments,
We strengthened the team by hiring a senior security
operations leader with the aim of driving our security
operations capability to the next level. Our security
tooling portfolio increased with the addition of a new
external service provider to further improve our email
security, whilst also reducing the volume of junk mail
the business receives. Collectively, our actions were
geared towards ensuring we can scale in line with
business requirements efficiently and cost effectively.
Looking ahead to 2025, we will continue to build on
the collaboration between our internal security team
and our Cybersecurity Services Center of Excellence
to further strengthen our internal security posture and
deliver added value to Crayon’s customers.
Key priorities for 2025 include:
• Updating our certification to ISO 27001:2022.
• Enhancing technical data loss prevention controls,
both for user access and AI-based access.
• Increasing automation in our vulnerability
management processes.
Training on data privacy and information
security in 2024
Training our employees is essential to equip them
with the relevant skills and knowledge to prevent and
manage inadvertent data breaches.
All employees worldwide were provided with
mandatory online interactive training covering our
secured productivity system, and we had a 100%
completion rate in 2024.
We trained the talent acquisition team regarding
security and privacy risk related to their area of
responsibility through a tailored workshop.
In 2024, we ran six global email awareness campaigns
educating our employees on key security topics. These
included the risks of downloading pirated movies, how
to recognize suspicious messages sent via messaging
apps such as WhatsApp and data labelling.
To complement the email campaigns, two global
battle cards were developed on ‘Data labelling’ and
'Phishing WhatsApp’. Battlecards equip our employees
with information on an issue, and guidance on their
responsibilities and expected actions. Battlecards use
a simple, accessible format such as flyers and posters.
We delivered presentations at two global town halls to
educate the global community on:
• The use of AI and deepfakes to impersonate senior
leadership.
• The rise of infostealers, how to avoid them and how
to respond if you do encounter one.
Performance related to data privacy and
information security
In 2024, Crayon’s information security team received
a total of 9,700 security alerts (2023: 9,890), all of
which were resolved. To demonstrate the power
and effectiveness of technology-based solutions,
automated tooling and custom-built automated
response playbooks contributed to fully handling 40%
of those alerts and significantly increased the speed
with which remaining alerts were resolved through
manual investigation.
Although new controls were introduced to prevent
events that create alerts, the changing threat
landscape and increased sophistication of attacks
meant that more of the alerts triggered were of higher
severity and required thorough investigation.
Our 2024 performance metrics are presented in the
table at the bottom of this page.
Methodology
Due to the entity-specific nature of the IROs and data
points, our reporting on this topic is based on entity-
specific disclosures.
Definitions of key terms
• Data breach: confirmed data breach of Crayon
data.
• Substantiated breaches of customer privacy and
losses of customer data: confirmed data breach of
customer data.
• Successfully managed security alerts: investigated,
contained and remediated before causing a
negative impact or escalating into a data breach.
Data sources
• We rely on international reports from employees
and alerts generated in security tooling.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
External validation
• These metrics are externally reviewed and
validated by TUV Sud within the framework of
Crayon's annual ISO 27001, ISO 27701, ISO 37001
certification annual external audit cycle.
Targets
There were no 2024 targets related to data privacy
and information security.
All foundational components for information security
and data protection have been laid.
We may consider target setting in future if there
is an evolution of the threats and vulnerabilities,
or a change in the number of incidents related to
Information security and data protection.
DATA PRIVACY AND INFORMATION SECURITY METRICS
2024 2023 2022
Number of data breaches
0 0 0
Number of substantiated breaches of customer privacy and losses of customer
data
0 0 0
Number of successfully managed security alerts
9,700 (100%) 9,890 (100%) Not available
These metrics are optional, entity-specific data points that were previously reported in our stand-alone 2023 ESG Report. We have chosen to
include and continue reporting on them for completeness of reporting.
111
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
To round out our reporting, in addition to the metrics above, we draw on the SASB sector-specific standard for the software and IT services industry, June 2024 version. Only sustainability topics and disclosures are included – activity
metrics are excluded.
SASB INDEX DATA PRIVACY AND SECURITY
Topic SASB code Disclosure (qualitative or quantitative) Crayon’s 2024 response
Data Privacy and Freedom of Expression TC-SI-220a.1. Description of policies and practices relating to
targeted advertising and user privacy
We maintain records of processing which define the lawful purposes for which personal data may be processed and perform
ongoing internal audits to ensure personal data is only processed for the defined lawful purposes. Every Crayon employee
around the world is provided with data protection training during their onboarding, whereafter they are expected to champion
privacy. Any data subject access request we receive goes directly to Crayon’s Information Security and Data Protection team,
where it is immediately reviewed by our Data Protection Officer and actioned upon in the interests of the data subject.
Data Privacy and Freedom of Expression TC-SI-220a.2. Number of users whose information is used for
secondary purposes
Zero. Crayon does not process user information outside the parameters of the lawful purposes defined in our records of
processing and communicated in our privacy policies.
Data Privacy and Freedom of Expression TC-SI-220a.3. Total amount of monetary losses as a result of legal
proceedings associated with user privacy
Zero. Crayon did not incur monetary losses in 2024 as a result of legal proceedings associated with user privacy.
Data Privacy and Freedom of Expression TC-SI-220a.4. (1) Number of law enforcement requests for user
information, (2) number of users whose information
was requested, (3) percentage resulting in disclosure
Zero. Crayon did not receive law enforcement requests for user information in 2024.
Data Privacy and Freedom of Expression TC-SI-220a.5. List of countries where core products or services are
subject to government-required monitoring, blocking,
content filtering, or censoring
Zero. Crayon did not operate in any countries where core products or services are subject to government-required monitoring,
blocking, content filtering, or censoring in 2024.
Data Security TC-SI-230a.1. (1) Number of data breaches,
(2) percentage that are personal data breaches,
(3) number of users affected
Zero. Crayon did not have any data breaches in 2024.
Data Security TC-SI-230a.2. Description of approach to identifying and addressing
data security risks, including use of third-party
cybersecurity
Data security risks observed in the course of Crayon's day-to-day operations and ongoing internal audits are captured in a
dedicated risk register. The data security risks are addressed by the Chief Information Security Officer, together with the relevant
stakeholders across the business. Crayon's service delivery teams are responsible for ensuring ongoing compliance with third-
party security standards against Crayon's global technical and organizational security measures. Crayon's Trust Assurance team
also reviews customer-specific security requirements as an integral part of its ongoing internal adit.
Data Privacy and Freedom of Expression TC-SI-220a.2. Number of users whose information is used for
secondary purposes
Zero. Crayon does not process user information outside the parameters of the lawful purposes defined in our records of
processing and communicated in our privacy policies.
These metrics are optional, entity-specific data points that were previously reported in our stand-alone 2023 ESG Report. We have chosen to include and continue reporting on them for completeness of reporting.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Responsible AI
Entity-specific
Crayon has advanced capabilities in artificial
intelligence, a field we have been active in for several
years through our Data & AI Center of Excellence.
Crayon uses AI internally within our own operations,
as well as in external customer-facing projects. We
recognise and accept our ability to influence and
advise customers and employees who may not fully
appreciate the risks of implementing AI solutions that
have negative impacts on people and society.
We promote responsible AI stewardship for positive
outcomes for individuals, society, and the environment.
Artificial intelligence in all its forms (e.g. GenAI,
agentic AI, Computer Vision, LLMs) has recently
achieved prominence, coinciding with Crayon’s
existing deep AI expertise in this accelerating and
opportunity-laden market segment.
AI technology offers a wide range of benefits,
including increased efficiency, automation of repetitive
tasks, process optimization, data-driven decision-
making, predictive insights, improved accuracy,
cost reduction, and accessibility enhancements.
However, AI also has downsides such as bias in
algorithms, privacy risks from data collection, security
vulnerabilities, and the potential for misuse.
To maximize the benefits and reduce the risks, it is
essential to develop and apply sound responsible AI
principles, supported by clear policies and regulation.
This helps ensure that AI’s positive contributions to
society outweigh the negative effects. Crayon uses
AI both internally and in customer-facing projects.
We recognize and accept our ability to influence and
advise customers and employees who may not fully
appreciate the importance of safeguards and best
practices to prevent any potential negative impacts on
people and society.
Policies related to responsible AI
Crayon is committed to ethical and responsible AI
use. We prohibit AI systems that harm people, exploit
vulnerabilities, or classify individuals based on
sensitive information. AI systems posing risks to health,
safety, or civil rights are carefully evaluated and
mitigated.
Policies we have developed to govern the adoption
and deployment of AI are:
• The Crayon Responsible Artificial Intelligence
Guidelines (CRAIG) are designed to embed
sustainability, ethics and security into the AI
lifecycle. CRAIG establishes guiding principles,
training requirements, and governance measures
to enhance customer trust and mitigate legal and
security risks.
• The Secured Productivity Policy provides guidance
to employees on the usage of AI-based tools
responsibly whilst protecting confidentiality,
privacy, and security. The Policy is supplemented by
data processing and AI usage instructions issued
by the Trust Unit to guide the compliant usage of AI
solutions such as Copilot by Crayon employees.
MATERIAL IMPACTS, RISKS, AND OPPORTUNITIES RELATED TO RESPONSIBLE ARTIFICIAL INTELLIGENCE
IRO type Description Actions taken Position in value chain Time horizon
• AI risk and impact assessments were conducted to evaluate potential biases,
privacy risks, and regulatory concerns before deploying AI solutions. Through
a proactive approach, Crayon worked with customers to design AI solutions
that mitigate risks while maximizing societal and business value.
n Opportunity
• In-service responsible AI: Crayon helps customers implement responsible AI.
This commitment not only strengthens our reputation but also creates business
value.
Own operations,
downstream
Short-, and medium-
term
n Positive impact (actual)
• In-service responsible AI: Crayon supports customers in adopting AI respon-
sibly, balancing efficiency gains with ethical and ESG considerations. Crayon's
commitment to responsible AI ensures long-term benefits for businesses and
society.
Downstream Short-, and medium-
term
n Negative impact (potential)
• Acknowledging the merits and demerits of AI: Internally within our workforce
and externally in customer-facing projects, Crayon positions itself as a trusted
advisor to help users steer clear of the harmful (and often unintended) effects
of AI.
• We introduced clear internal reporting channels for employees to raise
concerns related to AI ethics and compliance.
• We also introduced comprehensive guidelines on the responsible use of AI
solutions for all Crayon employees in 2024.
Downstream Short-, and medium-
term
n Risk
• AI regulations potentially constraining innovation and market growth: Regula-
tory uncertainty and strict AI legislation could slow innovation and limit market
growth, as businesses take a more cautious approach to AI adoption. This may
affect competition and revenue opportunities in the sector, making it essen-
tial for Crayon to stay agile and support customers in navigating the changing
regulatory landscape.
• A dedicated task force on responsible AI monitored legislative changes in
2024 and provided internal guidance on regulatory compliance. Crayon
proactively supported customers in navigating AI legislation, helping them
integrate compliance measures without compromising innovation and
business efficiency.
Own operations,
downstream
Short-, and medium-
term
n Risk
• AI regulations potentially imposing compliance burdens and challenges:
Changing AI regulations, such as the EU Artificial Intelligence Act, may create
compliance challenges for customer-facing AI services. Crayon stays com-
mitted to responsible AI while managing potential risks.
• In 2024, Crayon strengthened its governance framework by updating the
Crayon Responsible Artificial Intelligence Guidelines (CRAIG) to align with
evolving regulatory requirements, including the EU AI Act.
• We also provided role-specific training to our internal subject matter experts
to help them navigate regulatory challenges.
Own operations,
downstream
Short-, and medium-
term
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Governance
We have separate but linked governance frameworks
for the internal and external deployment of AI
respectively.
Internal deployment of AI - The Chief Security Officer
(who leads the Trust Unit) oversees the internal
management and implementation of responsible AI
practices, including CRAIG, the Secured Productivity
Policy and supplementary instructions. The Trust Unit
enables internal strategy, compliance procedures, and
communication across all Crayon employees.
External deployment of AI - The Data & AI Center of
Excellence delivers AI solutions to customers, including
the practical application of CRAIG. Within the Data
& AI Center of Excellence, the Business Manager,
Head of Project Management Office and Director of
CoE all jointly review technical controls, safeguards
and compliance. Additionally, a dedicated task force
on responsible AI monitors recent legislative and
technological advances and makes recommendations
on potential changes and improvements to Crayon
procedures.
Accessibility
CRAIG is available on our internal SharePoint
(intranet) and is accessible to all Crayon employees.
The Secured Productivity Policy is available on our
internal SharePoint (intranet) as well as on our global
corporate website.
Procedures related to responsible AI
For all internal and external AI projects, we carry
out responsible AI assessments based on the
Crayon Responsible AI Guidelines. These AI impact
assessments take into account GDPR compliance and
comprise two steps: the first step is a risk assessment,
and the second is an impact assessment.
Crayon’s Artificial Intelligence Risk Assessment (AIRA)
is a mandatory component within the data protection
review when onboarding new AI solutions. The
AIRA estimates the risk of AI driven tools including
generative AI, and considers a range of factors such
as:
• Context of use.
• Relevant laws and regulations.
• Involved stakeholders.
• Human oversight.
• Data protection and privacy
• Transparency and user understanding of AI.
If the AIRA identifies a high-risk level, a secondary
review is triggered through an Artificial Intelligence
Impact Assessment (AIIA).
The AIIA includes further considerations related to:
• Ethical purpose.
• Accountability.
• Transparency and explainability.
• Fairness and non-discrimination.
• Safety and reliability.
• Privacy and data protection.
Together, the AIRA and AIIA ensure that AI tools are
used to enhance productivity, efficiency, and decision-
making — while complying with legal requirements
and safeguarding privacy, confidentiality, and data
security. Where relevant, both assessments must be
completed and reviewed before an AI tool is formally
approved.
We protect people’s privacy at all stages of the AI
lifecycle. AI systems collect and retain data only
for legitimate purposes and to the minimum extent
necessary. They are designed to help users comply
with privacy requirements, including allowing
individuals to review, correct, amend, or delete their
personal data.
Individual
responsibility
We equip our employees
to know responsibilities
and obligations
Appropriateness
We strive for progressive
projects that create
value
Fairness and equity
We aim to instill fairness
and avoid discrimination
and injustice
Transparency
We are open with
stakeholders about the
advantages, limitations,
and risks of AI
Inclusiveness and
human centricity
We commit to beneficial
automation of workers’
roles, and incorporate
diverse voices in
development and testing
Technology
We emphasize quality,
safety, reliability,
robustness, and
scalability
Stakeholder
interaction and
communication
We engage all
relevant stakeholders,
and consciously use
understandable
language
Crayon’s seven guiding principles for responsible AI
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Actions related to responsible artificial
intelligence in 2024
In 2024, we introduced comprehensive guidelines
on the responsible use of AI solutions targeting
all Crayon employees as an integral part of our
Secured Productivity Policy training program. The key
principles covered in our guidelines include ethical
considerations, privacy and data security, and human
oversight.
The guidelines are designed to foster a culture
of responsible AI use that enhances productivity,
efficiency, and decision-making while safeguarding
privacy and data security.
Reporting channels and employee empowerment
We established clear processes and multiple reporting
channels for our global workforce to raise questions or
report concerns about AI use in the workplace in 2024.
This initiative empowers our employees to inform us
about any issues related to AI, ensuring that we can
address them promptly and effectively.
Reporting channels included our internal Trust Desk
- using these channels, one query was lodged by a
Crayon employee in 2024 and resolved.
Governance framework and expert training
Furthermore, we launched a multi-faceted project
to strengthen our governance framework for both
internal and external AI use. Key elements include:
• Developing clear guidelines for AI deployment.
• Ensuring transparency in AI decision-making.
• Implementing regular internal audits to monitor
compliance and performance.
We deliver role-specific training to our internal AI
subject matter experts, buttressing their ability to
adapt to evolving AI technologies, use cases, and
regulatory requirements.
Preparing for the EU AI Act
The European Union Artificial Intelligence Act is
expected to have a significant impact on AI solution
providers like Crayon. Companies may face increased
compliance costs, as they will need to ensure that
the developed AI solution meet the safety and legal
requirements, particularly for high-risk applications.
This could potentially slow down innovation in some
areas, as organizations will need to conduct rigorous
testing, documentation, and impact assessments
before releasing AI products. However, the Act could
also boost consumer trust in AI, fostering a more
stable and responsible market.
Crayon's Data & AI Center of Excellence has
proactively monitored the evolution of the AI Act and
is committed to ensuring full compliance with this and
other relevant regulations.
The Crayon Responsible Artificial Intelligence
Guidelines (CRAIG) are updated continuously to reflect
the key principles of the AI Act. Practical application
RESPONSIBLE AI METRICS
2024 2023 2022
Number of AI risk assessments
8 1 0
Number of AI impact assessments
8 1 0
Number of responsible AI breaches
0 0 0
These metrics are optional, entity-specific data points that have not previously been reported in our ESG disclosures.
of CRAIG takes place through the project delivery
processes of the Data&AI Center of Excellence.
We make conscious efforts to enable the safe and
responsible development and deployment of AI
solutions while minimizing unnecessary compliance
burdens.
Rather than seeing regulatory requirements like
the AI Act as a constraint, Crayon views them as an
opportunity to foster responsible innovation and drive
business growth by supporting customers in adopting
trustworthy and compliant AI solutions.
Plans for 2025
We will pursue group-wide ISO 42001 certification
in 2025. Achieving ISO 42001 certification will yield
multiple benefits, including:
• Improved risk management by establishing robust
processes for managing AI-related risks, ensuring
the reliability and safety of our AI systems.
• Enhanced data security by implementing a
structured framework for identifying, assessing,
and mitigating security risks associated with AI
technologies.
• Greater customer trust and confidence by
demonstrating our commitment to ethical AI
practices.
• Increased innovation by leveraging AI responsibly
to maintain a competitive edge in the market.
Performance related to responsible artificial
intelligence
We track our performance on AI impact assessments
and responsible AI breaches, as they are meaningful
signifiers of our progress on the responsible AI journey.
Training on responsible AI
We provide comprehensive training programs to
ensure AI literacy across the organization and provide
our employees specialized in AI with an advanced
understanding of legislative requirements and risk
assessment methodologies.
The annual secured productivity training developed by
the Trust Unit which is aimed at all employees includes
a module titled Introduction to Responsible AI. Please
refer to page 103, under the heading 'Performance
related to overall business conduct and corporate
culture' for metrics on the secured productivity
training.
Methodology
Due to the entity-specific nature of the IROs and data
points, our reporting on this topic is based on entity-
specific disclosures.
Approach
• Impact assessments evaluate both the potential
negative and positive effects of deploying AI
systems.
• Our current framework for impact assessments is
consistent with ISO 42001.
Data sources
• We rely on data from the Trust Unit’s internal
reports.
Scope
• Reported metrics are global in scope, covering
Crayon’s operations worldwide.
External validation
• The AI metrics were not subject to validation by
an external third party other than the limited
assurance provider.
Targets
There were no 2024 targets related to responsible AI.
We may consider setting targets in future if there
is an evolution of the threats and vulnerabilities,
or a change in the number of incidents related to
responsible AI.
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PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
ESRS CONTENT INDEX
ESRS 2
Material information disclosed in the sustainability statements
Having identified our 55 material IROs and 5 material topical standards, we applied ESRS 1 guidelines (e.g.
minimum disclosure requirements; mandatory ESRS metrics where applicable) to determine the material
information to be disclosed in relation to the material IROs. In the case of entity-specific disclosures where
reporting is dependent on our expertise, our disclosure decisions were informed by our judgement of what we
know to be relevant and applicable to our organisation, and our efforts to provide fair and balanced reporting.
No thresholds were applied.
List of disclosure requirements in ESRS covered by the sustainability statements
Disclosure requirement Page number
ESRS 2
General disclosures
BP-1 General basis for preparation of the sustainability statements 40
BP-2 Disclosures in relation to specific circumstances
40
GOV-1 The role of the administrative, supervisory and management bodies 42 - 44
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management, and supervisory bodies
42 - 44
GOV-3 Integration of sustainability-related performance in incentive schemes 44
GOV-4 Statement on sustainability due diligence
45; 92; 96; 101; 104
Incorporation by
reference
GOV-5 Risk management and internal controls over sustainability reporting
45
SBM-1 Strategy, business model, and value chain 46 – 48
SBM-2 Interests and views of stakeholders
53
SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business
model
50 – 51
Also addressed in each
of the material topical
standards
IRO-1 Description of the process to identify and assess material impacts, risks, and opportunities
51 – 52
IRO-2 Disclosure requirements in ESRS standards covered by the undertaking’s sustainability
statements
115 - 117
Disclosure requirement Page number
ESRS E1
Climate change
ESRS 2 GOV-3 Integration of sustainability-related performance in incentive schemes 56
ESRS 2 SBM-3 Material impacts, risks, and opportunities, and their interaction with strategy and business
model
55 – 56
ESRS 2 IRO-1 Description of the processes to identify and assess material climate-related impacts, risks, and
opportunities
54
E1-2 Policies related to climate change
56
E1-3 Actions and resources in relation to climate change policies 56
E1-4 Targets related to climate change mitigation and adaptation
56
E1-5 Energy consumption and mix 59
E1-6 Gross scope 1, 2, 3, and total GHG emissions
57 – 58
ESRS E5
Resource use and circular economy
ESRS 2 SBM-3 Material impacts, risks, and opportunities, and their
interaction with strategy and business model
62; 63
ESRS 2 IRO-1 Description of the processes to identify and assess material resource use and circular
economy-related impacts, risks, and opportunities
62
E5-1 Policies related to resource use and circular economy
63
E5-2 Actions and resources related to resource use and circular economy
63
E5-3 Targets related to resource use and circular economy 63
E5-4 Resource inflows
64 - 65
Incorporation by reference in ESRS 2
Disclosure requirement Page number
ESRS 2
Disclosure requirement
GOV-1 21c Experience of administrative, management and supervisory bodies relevant to the sectors,
products and geographic locations of the undertaking
15; 27
GOV-4 Statement on due diligence
45; 92; 96; 101; 104
SBM-1 40aiii Strategy, business model and value chain
Number of employees by geographic area
73
116
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Disclosure requirement Page number
ESRS S1
Own workforce
ESRS 2 S1.SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and
business model
72 75; 77; 79; 81; 83; 85;
87; 90
EMPLOYEES CHARACTERISTICS WORKFORCE PROFILE S1
S1-6 Characteristics of the undertaking’s employees
73
TALENT ATTRACTION AND RECRUITMENT PRACTICES S1
Entity-specific
disclosure
Talent attraction and recruitment practices
75
REMUNERATION AND SOCIAL PROTECTION S1
S1-10 Adequate wages
77
S1-16 Remuneration
S1-11 Social protection
TRAINING AND SKILLS DEVELOPMENT S1
S1-13 Training and skills development
79
FLEXIBLE WORK ARRANGEMENTS (S1)
Entity-specific
disclosure
Flexible work arrangements
81
EMPLOYEE SECURITY S1
Entity-specific
disclosure
Employee security
83
DISCRIMINATION AND HARASSMENT S1
S1-1 24a-d Policies related to discrimination and harassment
85
S1-17 103 a-d Incidents of discrimination and harassment
86
DIVERSITY, EQUITY, INCLUSION AND BELONGING S1
S1-9 Diversity metrics
87
COLLECTIVE BARGAINING COVERAGE AND SOCIAL DIALOGUE S1
S1-8 Collective bargaining coverage and social dialogue
90
Disclosure requirement Page number
LABOR AND HUMAN RIGHTS IN OUR OWN WORKFORCE S1
S1-1 20 – 23 Policies related to labor and human rights
92
S1-17 100 – 102;
104 a-b
Incidents, complaints, and severe human rights impacts
PROCESSES FOR ENGAGING WITH OWN WORKERS AND WORKERS’ REPRESENTATIVES S1
S1-2 Processes for engaging with own workers and workers’ representatives about impacts
95
S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns
POLICIES S1
S1-1 Policies related to own workforce
75; 77; 79; 81; 83; 85; 87;
90; 92
ACTING ON IMPACTS, MITIGATING RISKS AND PURSUING OPPORTUNITIES S1
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material
risks and pursuing material opportunities related to own workforce, and effectiveness of those
actions
75; 77; 79-80; 81-82;
83; 85-86; 87 – 89; 90;
92-93
TARGETS S1
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
76; 78; 80; 82; 84; 86; 89;
90; 94
117
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
Disclosure requirement Page number
ESRS S2
Workers in the value chain
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities 98
ESRS 2 SBM-3 Material impacts, risks, and opportunities and their interaction with strategy and business
model
96 – 97; 100
S2-1 Policies related to value chain workers
98
S2-2 Processes for engaging with value chain workers about impacts 99
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise
concerns
99
S2-4 Taking action on material impacts on value chain workers, and approaches to managing
material risks and pursuing material opportunities related to value chain workers, and
effectiveness of those actions
99 - 100
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
100
ESRS G1
Business conduct
ESRS 2 G1.GOV-1 The role of the administrative, supervisory, and management bodies 101 – 102
ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks, and opportunities
101
ESRS 2 SBM-3 Material impacts, risks, and opportunities, and their
interaction with strategy and business model
101; 104 - 105; 106; 108; 112
G1-1 Business conduct and corporate culture 101 – 103
G1-2 Management of relationships with suppliers
104
G1-3 and G1-4 Prevention and detection of bribery and corruption, including incidents of bribery and
corruption
106
Entity-specific
disclosure
Data privacy and information security
108
Entity-specific
disclosure
Responsible artificial intelligence 112
Topics assessed to be immaterial
Based on our double materiality assessment, the following topical standards were established as immaterial for
Crayon:
• ESRS E2 Pollution
• ESRS E3 Water and marine resources
• ESRS E4 Biodiversity and ecosystems
• ESRS S3 Affected communities
• ESRS S4 Consumers and end-users
118
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
REPORT FROM OUR
BOARD OF DIRECTORS
SIGNATURES FROM THE BOARD
AND THE CEO
SIGNATURES FROM THE BOARD
AND THE CEO
The board of directors of Crayon Group Holding ASA
Oslo, 10 April 2025
Rune Syversen
(Chairman)
Wenche Agerup
(Board Member)
Marina Lønning
(Board Member)
Arne Frogner
(Board Member)
Dagfinn Ringås
(Board Member)
Jens Rugseth
(Board Member)
Grethe H. Viksaas
(Board Member)
Timmy Herland
(Employee Representative)
Lars Larhammer
(Employee Representative)
Mette Wam
(Employee Representative)
Melissa Mulholland
(CEO)
120
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS 121
Consolidated statement of profit or
loss and other comprehensive income 121
Consolidated statement of financial
position as of December 31 122
Consolidated statement of cash flows 123
Consolidated statement of changes
in equity 124
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS 125
Note 1 General information 125
Note 2 Revenue 126
Note 3 Segment information 127
Note 4 Payroll and related cost 130
Note 5 Other operating expenses
and other income and expenses 130
Note 6 Share-based compensation 131
Note 7 Equipment and right-of-use
assets 133
Note 8 Intangible assets 135
Note 9 Goodwill 136
Note 10 Financial income and expenses 137
Note 11 Earnings per share 138
Note 12 Tax 138
Note 13 Current receivables and current
assets 140
Note 14 Cash and cash equivalents 142
Note 15 Equity 143
Note 16 Interest-bearing debt and
derivatives 144
Note 17 Other non-current and current
liabilities 145
Note 18 Financial instruments 145
Note 19 Financial risk 147
Note 20 Business combinations 148
Note 21 Management remuneration 149
Note 22 Related parties 149
Note 23 Collateral and guarantees 150
Note 24 Subsidiaries, associates and
non-controlling interests 150
Note 25 Largest shareholders, numbers
of shares held by management
and board of directors 153
Note 26 Climate-related matters 154
Note 27 SoftwareOne transaction 154
Note 28 Subsequent events 154
FINANCIAL STATEMENTS 155
Statement of income 1.1 - 31.12 155
Balance sheet as of 31.12 156
Cash flow statement 157
NOTES TO FINANCIAL
STATEMENTS 158
Note 1 Accounting principles 158
Note 2 Transactions with related parties 158
Note 3 Other operating expenses 159
Note 4 Investment in subsidiaries 159
Note 5 Tax 159
Note 6 Equity 160
Note 7 Share capital 160
Note 8 Financial instruments 161
Note 9 Issuance of bond loan 161
Note 10 Financial income and expenses 161
RESPONSIBILITY STATEMENT
FROM THE BOARD OF DIRECTORS 162
AUDITOR’S REPORT 163
SUSTAINABILITY LIMITED
ASSURANCE REPORT 166
ALTERNATIVE PERFORMANCE
MEASURES 168
FINANCIALS
CONTENTS
121
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Crayon Group Holding ASA
Consolidated statement of profit or loss and other comprehensive income
| Year ended December 31 | |||
(NOK millions) | Note | 2024 | 2023 |
| Revenue | 2,3 | ||
Cost of sales | - | - | |
Gross Profit | |||
| Payroll and related cost | 4 | - | - |
| Other operating expenses | 5 | - | - |
Share-based compensation | 6 | - | - |
| Other income and expenses (-) | 5 | - | - |
EBITDA | |||
| Depreciation and amortization | 7,8 | - | - |
Operating profit (EBIT) | |||
| Share of results from associates | 24 | - | |
Interest income | 10 | ||
| Other financial income | 10 | ||
Interest expense | 10 | - | - |
| Other financial expenses | 10 | - | - |
Net income/loss (-) before tax | - | ||
| Income tax expense on ordinary result | 12 | - | - |
Net income/loss (-) | - | ||
| Comprehensive income | |||
| Items that are or may be reclassified subsequently to profit or loss | |||
Currency translation | |||
Total comprehensive income - net of tax | |||
Net income attributable to Non-controlling interests | 24 | - | |
Owners of Crayon Group Holding ASA | - | ||
Total net income/loss (-) | - | ||
| Basic earnings/loss (-) per share (NOK) | 11 | - | |
Diluted earnings/loss (-) per share (NOK) | 11 | - | |
Comprehensive income attributable to Non-controlling interests | - | ||
Owners of Crayon Group Holding ASA | |||
Total comprehensive income |
122
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | Note | 2024 | 2023 |
| ASSETS | |||
| NONCURRENT ASSETS: | |||
Goodwill | 9 | ||
| Other intangible assets | 8 | ||
Deferred tax asset | 12 | ||
| Equipment | 7 | ||
| Right-of-use assets | 7 | ||
Investment in associates | 24 | ||
| Other non-current assets | 18 | ||
Total non-current assets | |||
| CURRENT ASSETS: | |||
Inventory | |||
Accounts receivable | 13,18 | ||
| Other current receivables and current assets | 13,18 | ||
| Cash & cash equivalents | 14,18 | ||
Total current assets | |||
Total assets |
(NOK millions) | Note | 2024 | 2023 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| SHAREHOLDERS' EQUITY: | |||
Share capital | 11,15 | ||
| Own shares | 11,15 | - | - |
Share premium | |||
Total paid-in equity | |||
Retained earnings | |||
Total equity attributable to parent company shareholders | |||
| Non-controlling interests | 24 | - | - |
Total shareholders' equity | |||
| NONCURRENT LIABILITIES: | |||
Bond loan | 18 | ||
| Lease liabilities | 18 | ||
| Other interest-bearing liabilities | 16,18,19 | - | |
Deferred tax liabilities | 12 | ||
| Other non-current liabilities | 17,18 | ||
Total non-current liabilities | |||
| CURRENT LIABILITIES: | |||
Accounts payable | 18 | ||
Income taxes payable | |||
Public duties | |||
| Current lease liabilities | 16,18 | ||
Other current interest-bearing liabilities | 16,18 | ||
| Other current liabilities | 17,18 | ||
Total current liabilities | |||
Total liabilities | |||
Total equity and liabilities |
The board of directors of Crayon Group Holding ASA
Oslo, 10 April 2025
Rune Syversen Wenche Agerup Marina Lønning Arne Frogner Dagfinn Ringås Jens Rugseth
(Chairman) (Board Member) (Board Member) (Board Member) (Board Member) (Board Member)
Grethe H. Viksaas Timmy Herland Lars Larhammer Mette Wam Melissa Mulholland
(Board Member) (Employee Representative) (Employee Representative) (Employee Representative) (CEO)
Crayon Group Holding ASA
Consolidated statement of financial position as of December 31
123
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Crayon Group Holding ASA
Consolidated statement of cash flows
(NOK millions) | Note | 2024 | 2023 |
| Cash flows from operating activities: | |||
Net income/loss (-) before tax | - | ||
Taxes paid | - | - | |
| Depreciation and amortization | 7,8,9 | ||
| Net interest expense | 10 | ||
| Interest received | 10 | ||
Changes in trade working capital | |||
Changes in other working capital and other adjustments | |||
Net cash flow from operating activities | |||
| Cash flows used in investing activities: | |||
| Payment for capitalized assets | 7,8 | - | - |
| Acquisition of subsidiaries - net of cash acquired | 20 | - | - |
Other investments | - | - | |
Net cash flow from investing activities | - | - | |
| Cash flow from financing activities: | |||
Interest paid | - | - | |
| Share issues | 15 | ||
| Repurchase of shares | 15 | - | |
Acquisition/disposal of non-controlling interest | 24 | - | - |
| Repayment of bond loan | 16,18 | - | |
Payment of lease liability | 16,18 | - | - |
Proceeds from RCF drawdown 2 | 16,18 | ||
Repayment of RCF 2 | 16,18 | - | - |
Proceeds from supplier financing 2 | 16,18 | ||
Repayment of supplier financing 2 | 16,18 | - | - |
Proceeds from other credit facilities utilization 2 | 16,18 | ||
Repayment of other credit facilities 2 | 16,18 | - | - |
Dividends paid to non-controlling interests | - | ||
Net cash flow from financing activities | - | - | |
Net increase/decrease (-) in cash & cash equivalents | - | ||
Cash & cash equivalents as of January 1 1 | |||
Currency translation | |||
Cash and cash equivalents as of December 31 1 |
1
Restricted cash is part of the Cash & cash equivalents, further details in note 14.
2
Comparative figures are changed from net to gross presentation to conform to the current year presentation, refer to Note 1.2 Basis of preparation.
124
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Crayon Group Holding ASA
Consolidated statement of changes in equity
Year to date period ending December 31
| Attributable to owners of the Company | |||||||||
| Share | Own | Share | Translation | Other | Non-controlling | Total | |||
(NOK millions) | Note | capital | shares | premium | difference | equity | Total | interests | equity |
Balance as of January 1, 2023 | |||||||||
Net income/loss (-) | - | - | - | - | |||||
Currency translation | |||||||||
Total comprehensive income | - | - | |||||||
| Share issues | 15 | ||||||||
| Equity-settled share-based payments | 6 | ||||||||
Treasury shares | 15 | - | - | - | |||||
| Transactions with non-controlling interests | 24 | - | - | - | - | ||||
Transactions with owners | - | - | - | - | |||||
Balance as of December 31, 2023 | - | - | |||||||
| Attributable to owners of the Company | |||||||||
| Share | Own | Share | Translation | Other | Non-controlling | Total | |||
(NOK millions) | Note | capital | shares | premium | difference | equity | Total | interests | equity |
Balance as of January 1, 2024 | - | - | |||||||
Net income/loss (-) | |||||||||
Currency translation | |||||||||
Total comprehensive income | |||||||||
| Equity-settled share-based payments | 6 | ||||||||
Treasury shares | 15 | - | |||||||
Cash dividends | - | - | |||||||
| Transactions with non-controlling interests | 24 | - | - | - | - | ||||
Other changes | - | - | |||||||
Transactions with owners | - | ||||||||
Balance as of December 31, 2024 | - | - |
125
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
1 3 BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of Crayon Group Holding ASA and its
subsidiaries. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when
the Group loses control. Control is achieved when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Non-controlling interests represent equity interests in subsidiaries held by other owners than Crayon. Results attributed
to non-controlling interests are based on ownership interest, or other methods of allocation if required by a separate
agreement.
Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
Assets and liabilities in foreign subsidiaries, whose functional currency differ from the presentation currency, are
converted to NOK using the exchange rate in effect at the reporting date. Income and expenses from foreign companies
are converted to NOK using the monthly average rate of exchange. All translation differences are recognized in Other
comprehensive income and accumulated in the translation reserve. Long-term receivables from a foreign operation
for which settlement is neither planned nor likely to occur in the foreseeable future, is considered a part of the net
investment. Translation differences are recognized in other comprehensive income.
NOTE 1 General information
1 1 CORPORATE INFORMATION
at Gullhaug Torg 5, 0484 Oslo , Norway . Crayon Group Holding ASA is listed on Oslo Stock Exchange (Oslo Børs) under
the ticker “CRAYN”.
The principal activities for the Group’s various business areas are described in more detail in Note 3 Segment
Information.
126
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
127
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Gross Sales | 59,601 | 49,077 |
Netting of Gross Sales and Gross Purchase | -52,589 | -42,680 |
Revenue | 7,012 | 6,397 |
(NOK millions) | 2024 | 2023 |
Norway | 2,039 | 2,071 |
US | 751 | 717 |
Australia | 540 | 592 |
Other | 3,683 | 3,017 |
Total | 7,012 | 6,397 |
128
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Software & Cloud | Services | ||||||
| Software & Cloud | Software & Cloud | Software & Cloud | General & | ||||
| (NOK millions) | Direct | Channel | Economics | Consulting | Administration | Eliminations | Total |
| Revenue | |||||||
Nordics | 869 | 255 | 221 | 1,455 | 15 | 0 | 2,814 |
Europe | 691 | 202 | 283 | 589 | 5 | 0 | 1,771 |
APAC & MEA | 406 | 628 | 88 | 732 | 10 | 0 | 1,865 |
US | 181 | 56 | 434 | 95 | 0 | 0 | 766 |
HQ | 104 | 1 | -4 | -1 | 462 | 0 | 562 |
Group Adjustment | 42 | 35 | 0 | 0 | 0 | 0 | 77 |
Eliminations | 0 | 0 | 0 | 0 | 0 | -843 | -843 |
Revenue | 2,293 | 1,177 | 1,022 | 2,871 | 492 | -843 | 7,012 |
| Gross profit | |||||||
Nordics | 869 | 255 | 187 | 1,030 | 15 | 0 | 2,356 |
Europe | 691 | 202 | 246 | 324 | 5 | 0 | 1,468 |
APAC & MEA | 406 | 628 | 64 | 350 | 10 | 0 | 1,458 |
US | 181 | 56 | 370 | 69 | 0 | 0 | 677 |
HQ | 104 | 1 | -4 | 0 | 462 | 0 | 562 |
Group Adjustment | 42 | 35 | 0 | 0 | 0 | 0 | 77 |
Eliminations | 0 | 0 | 0 | 0 | 0 | -315 | -315 |
Gross profit | 2,293 | 1,177 | 863 | 1,773 | 492 | -315 | 6,283 |
Payroll and other operating expenses | -1,094 | -420 | -814 | -1,631 | -1,465 | 315 | -5,108 |
Adjusted EBITDA | 1,199 | 757 | 49 | 142 | -974 | 0 | 1,174 |
Share-based compensation | -35 | ||||||
Other income and expenses | -49 | ||||||
EBITDA | 1,090 |
129
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Software & Cloud | Services | ||||||
| Software & Cloud | Software & Cloud | Software & Cloud | General & | ||||
| (NOK millions) | Direct | Channel | Economics | Consulting | Administration | Eliminations | Total |
| Revenue | |||||||
Nordics | 707 | 221 | 201 | 1,493 | -1 | 0 | 2,621 |
Europe | 566 | 201 | 255 | 366 | 7 | 0 | 1,396 |
APAC & MEA | 384 | 557 | 73 | 698 | 31 | 0 | 1,742 |
US | 174 | 60 | 380 | 105 | 1 | 0 | 720 |
HQ | 90 | 0 | -7 | 8 | 411 | 0 | 501 |
Group Adjustment | 35 | 19 | -2 | -12 | 0 | 0 | 41 |
Eliminations | 0 | 0 | 0 | 0 | 0 | -624 | -624 |
Revenue | 1,957 | 1,057 | 900 | 2,657 | 449 | -624 | 6,397 |
| Gross profit | |||||||
Nordics | 707 | 221 | 173 | 1,037 | -1 | 0 | 2,137 |
Europe | 566 | 201 | 211 | 200 | 7 | 0 | 1,186 |
APAC & MEA | 384 | 557 | 55 | 329 | 4 | 0 | 1,328 |
US | 174 | 60 | 327 | 69 | 1 | 0 | 631 |
HQ | 90 | 0 | -7 | 7 | 440 | 0 | 530 |
Group Adjustment | 35 | 19 | 0 | 10 | 0 | 0 | 63 |
Eliminations | 0 | 0 | 0 | 0 | 0 | -214 | -214 |
Gross profit | 1,957 | 1,057 | 760 | 1,651 | 450 | -214 | 5,662 |
Payroll and other operating expenses | -1,020 | -489 | -691 | -1,628 | -1,128 | 214 | -4,742 |
Adjusted EBITDA | 936 | 568 | 69 | 23 | -677 | 0 | 919 |
Share-based compensation | -42 | ||||||
Other income and expenses | -132 | ||||||
EBITDA | 745 |
130
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
| Year to date ended | ||
| December 31 | ||
(NOK millions) | 2024 | 2023 |
| Assets per market cluster | ||
Nordics | 7,182 | 5,991 |
Europe | 4,161 | 3,337 |
APAC & MEA | 9,568 | 7,092 |
US | 1,029 | 893 |
HQ/eliminations | -2,390 | -768 |
Total | 19,550 | 16,544 |
| Year to date ended | ||
| December 31 | ||
(NOK millions) | 2024 | 2023 |
| Assets per country | ||
Norway | 6,628 | 5,947 |
Australia | 1,833 | 1,801 |
Other | 11,089 | 8,797 |
Total | 19,550 | 16,544 |
(NOK millions) | 2024 | 2023 |
| Payroll expenses | ||
Wages and salaries | 3,569 | 3,247 |
Social security | 394 | 344 |
Pension expenses | 192 | 165 |
Other benefits | 173 | 231 |
Total | 4,329 | 3,986 |
Average number of full time employees | 4,104 | 3,915 |
Female representation | 33% | 32% |
(NOK millions) | 2024 | 2023 |
| Other operating expenses | ||
Premise, furniture and office expenses | 274 | 252 |
External assistance | 210 | 167 |
Travel expenses | 65 | 57 |
Insurance | 24 | 15 |
Sales, advertising and entertainment costs | 98 | 102 |
Bad debt expenses | 25 | 82 |
Other | 83 | 81 |
Total | 779 | 756 |
(NOK millions) | 2024 | 2023 |
| Expensed audit fee | ||
Audit fee | 19.6 | 15.6 |
Other assurance services | 0.0 | 0.2 |
Other non-audit services | 0.9 | 0.4 |
Total | 20.6 | 16.1 |
(NOK millions) | 2024 | 2023 |
| Other income and expenses | ||
M&A expenses | 21 | 10 |
Contingent considerations, fair value adjustment | 4 | 18 |
Expenses related to discontinued units | 12 | 0 |
Other non-recurring items | 11 | 104 |
Total | 49 | 132 |
131
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Cost related to equity-settled share-based compensation transactions | 28 | 43 |
Change in accrued employee social security tax | 7 | -1 |
Total cost related to share-based compensation | 35 | 42 |
132
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Options | GMSP and LTI | Bonus shares | ||||
| Number of | Weighted Average | Number of | Weighted Average | Number of | Weighted Average | |
| instruments | Strike Price (NOK) | instruments | Strike Price (NOK) | instruments | Strike Price (NOK) | |
Outstanding as of Jan 1, 2024 | 1,688,374 | 56.67 | 372,644 | 0 | 294,158 | 1.00 |
Granted 1 | 0 | 0 | 372,240 | 0 | 136,622 | 1.00 |
Exercised | -610,667 | 50.46 | -95,431 | 0 | -214,313 | 1.00 |
Performance adjusted | 0 | 0 | -101,420 | 0 | 0 | 0 |
Terminated | 0 | 0 | -33,323 | 0 | -19,356 | 1.00 |
Outstanding as of Dec 31, 2024 | 1,077,707 | 60.18 | 514,710 | 0 | 197,111 | 1.00 |
Vested as of Dec 31, 2024 | 1,044,373 | 58.10 | 0 | 0 | 0 | 0 |
Outstanding instruments | Vested instruments | ||||
| Weighted | |||||
| Number of | Average remaining | Weighted Average | Vested instruments | Weighted Average | |
| Strike price (NOK) | instruments | contractual life | Strike Price (NOK) | Dec 31, 2024 | Strike Price (NOK) |
| Options | |||||
53.60 | 977,707 | 1.22 | 53.60 | 977,707 | 53.60 |
125.20 | 100,000 | 2.52 | 125.20 | 66,666 | 125.20 |
| GMSP and LTI | |||||
0 | 514,710 | 3.33 | 0 | 0 | 0 |
| Bonus shares | |||||
1.00 | 197,111 | 1.77 | 1.00 | 0 | 0 |
133
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Equipment | Right-of-use assets | |||||
| IT systems and | Office furnishings, | Leased | Other | |||
| (NOK millions) | equipment | fixtures and cars | Total | premises | leased items | Total |
Acquisition cost as of Jan 1 | 192 | 121 | 313 | 704 | 21 | 725 |
Additions | 40 | 9 | 49 | 48 | 4 | 52 |
Disposals | -4 | 0 | -4 | -10 | -5 | -15 |
Adjustments | 0 | 0 | 0 | 7 | -1 | 7 |
Currency translation | 12 | 5 | 16 | 21 | 1 | 22 |
Acquisition cost as of Dec 31 | 240 | 135 | 375 | 770 | 21 | 791 |
Accumulated depreciation as of Jan 1 | 136 | 73 | 210 | 171 | 8 | 179 |
Depreciation | 36 | 14 | 51 | 109 | 8 | 117 |
Disposals | -3 | 0 | -3 | -10 | -5 | -15 |
Currency translation | 7 | 4 | 11 | 9 | 1 | 10 |
Accumulated depreciation as of Dec 31 | 177 | 92 | 269 | 278 | 11 | 290 |
Net value as of Dec 31 | 63 | 43 | 106 | 492 | 10 | 502 |
Depreciation period | 1-5 years | 1-5 years | 1-10 years | 1-5 years | ||
Depreciation method | Linear | Linear | Linear | Linear |
Equipment | Right-of-use assets | |||||
| IT systems and | Office furnishings, | Leased | Other | |||
| (NOK millions) | equipment | fixtures and cars | Total | premises | leased items | Total |
Acquisition cost as of Jan 1 | 207 | 107 | 314 | 612 | 18 | 630 |
Additions | 43 | 11 | 54 | 145 | 15 | 161 |
Disposals | -65 | -1 | -66 | -80 | -13 | -92 |
Adjustments | 0 | 0 | 0 | 7 | 0 | 7 |
Currency translation | 6 | 5 | 11 | 19 | 1 | 20 |
Acquisition cost as of Dec 31 | 192 | 121 | 313 | 704 | 21 | 725 |
Accumulated depreciation as of Jan 1 | 165 | 59 | 224 | 163 | 15 | 178 |
Depreciation | 28 | 13 | 41 | 83 | 5 | 89 |
Disposals | -65 | -1 | -66 | -80 | -13 | -92 |
Currency translation | 8 | 3 | 11 | 4 | 0 | 4 |
Accumulated depreciation as of Dec 31 | 136 | 73 | 210 | 171 | 8 | 179 |
Net value as of Dec 31 | 55 | 48 | 103 | 533 | 13 | 547 |
Depreciation period | 1-5 years | 1-5 years | 1-10 years | 1-5 years | ||
Depreciation method | Linear | Linear | Linear | Linear |
134
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
135
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | Software licenses (IP) | Development costs | Customer relationships | Technology and software | Total |
Acquisition cost as of Jan 1 | 9 | 555 | 728 | 217 | 1,509 |
Additions | 0 | 101 | 0 | 0 | 101 |
Disposals | 0 | 0 | -36 | -85 | -120 |
Currency translation | -0 | 11 | 23 | 10 | 45 |
Acquisition cost as of Dec 31 | 9 | 668 | 715 | 143 | 1,535 |
Amortization and impairment as of Jan 1 | 7 | 408 | 239 | 195 | 849 |
Amortization | 0 | 80 | 81 | 9 | 170 |
Impairment | 0 | 0 | 0 | 0 | 0 |
Disposals | 0 | 0 | -36 | -85 | -120 |
Currency translation | 0 | 7 | 6 | 10 | 23 |
Accumulated amortization and impairment as of Dec 31 | 8 | 496 | 290 | 129 | 922 |
Net value as of Dec 31 | 1 | 173 | 426 | 13 | 613 |
Amortization period | 0-5 years | 3 years | 5-20 years | 3-10 years | |
Amortization method | Linear | Linear | Linear | Linear |
(NOK millions) | Software licenses (IP) | Development costs | Customer relationships | Technology and software | Total |
Acquisition cost as of Jan 1 | 9 | 479 | 1,011 | 215 | 1,714 |
Additions | 0 | 100 | 0 | 0 | 100 |
Disposals | 0 | -25 | -313 | 0 | -339 |
Currency translation | 0 | 2 | 31 | 2 | 34 |
Acquisition cost as of Dec 31 | 9 | 555 | 728 | 217 | 1,509 |
Amortization and impairment as of Jan 1 | 7 | 359 | 469 | 179 | 1,015 |
Amortization | 0 | 74 | 83 | 16 | 173 |
Impairment | 0 | 0 | 0 | 0 | 0 |
Disposals | 0 | -25 | -313 | 0 | -339 |
Accumulated amortization and impairment as of Dec 31 | 7 | 408 | 239 | 195 | 849 |
Net value as of Dec 31 | 1 | 148 | 489 | 22 | 660 |
Amortization period | 0-5 years | 3 years | 5-20 years | 3-10 years | |
Amortization method | Linear | Linear | Linear | Linear |
136
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Acquisition cost as of Jan 1 | 3,371 | 3,256 |
Additions | 0 | 4 |
Currency translation | 70 | 110 |
Acquisition cost as of Dec 31 | 3,441 | 3,371 |
Impairment as of Jan 1 | 110 | 110 |
Impairment | 0 | 0 |
Accumulated impairment as of Dec 31 | 110 | 110 |
Net value as of Dec 31 | 3,331 | 3,262 |
137
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
| Financial income | ||
Interest income from bank deposits | 32 | 18 |
Interest income from accounts receivable | 1 | 5 |
Total interest income | 32 | 23 |
Other financial income | 1 | 4 |
Other financial income | 1 | 4 |
Total financial income | 33 | 28 |
(NOK millions) | 2024 | 2023 |
| Financial expenses | ||
Interest expense credit institutions | 133 | 105 |
Interest expense leases | 35 | 31 |
Interest expense bond loan | 111 | 140 |
Total interest expense | 279 | 276 |
Foreign currency loss | 26 | 238 |
Impairment losses on financial assets | 24 | 0 |
Other financial expenses | 63 | 38 |
Total other financial expenses | 114 | 276 |
Total financial expenses | 393 | 552 |
| 5 year | Pre-tax | 5 year | Pre-tax | |||
| sales CAGR | WACC | sales CAGR | WACC | |||
| 2024 | assumption | assumption | 2023 | assumption | assumption | |
Licensing Norway 1 | 271 | 12.3% | 11.6% | 271 | 10.5% | 13.5% |
Consulting Norway 1 | 156 | 12.2% | 11.4% | 150 | 11.2% | 13.5% |
Puzzlepart 6 | 6 | 14.2% | 13.5% | |||
Licensing Sweden 1 | 53 | 9.0% | 11.7% | 53 | 7.9% | 13.5% |
Crayon Denmark 1 | 105 | 10.6% | 11.6% | 102 | 8.2% | 13.5% |
Crayon Finland 1 | 54 | 10.5% | 11.4% | 54 | 18.4% | 13.5% |
Crayon Germany 1 | 16 | 23.2% | 11.3% | 16 | 18.2% | 13.5% |
Crayon UK (Fast PPA) | 52 | 23.4% | 11.1% | 47 | 28.7% | 14.5% |
Kryptos Networks | 25 | 19.3% | 18.2% | 23 | 31.7% | 13.5% |
Angelpoint (Anglepoint PPA) 5 | 111 | 14.3% | 12.2% | 100 | 16.2% | 13.5% |
Crayon US 2 | 11 | 26.7% | 12.1% | 10 | 28.2% | 13.5% |
Kryptos Technologies (India) 3 | 4 | 16.5% | 17.2% | 3 | 30.3% | 13.5% |
Crayon SG (Tribal Knowledge PPA) 3 | 4 | 14.1% | 10.8% | 3 | 23.1% | 13.5% |
Complit AS (Norway) 3 | 4 | 15.1% | 11.5% | 4 | 27.0% | 13.5% |
Sequint BV (the Netherlands) 3 | 45 | 25.3% | 11.6% | 43 | 20.2% | 13.5% |
Navicle 4 | 17 | 3.6% | 12.3% | 17 | 4.9% | 13.5% |
Sensa | 124 | 8.3% | 11.4% | 113 | 9.1% | 13.5% |
rhipe | 2,280 | 10.5% | 12.9% | 2,247 | 10.6% | 15.1% |
Total | 3,331 | 3,262 |
138
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
NOTE 11 Earnings per share
The Group’s earnings per share are calculated as:
(NOK millions) | 2024 | 2023 |
Net income/loss (-) allocated to owners of Crayon Group Holding ASA | 258 | -115 |
Basic earnings per share (NOK) | 2.90 | -1.29 |
Diluted earnings per share (NOK) | 2.86 | -1.29 |
Weighted average number of ordinary shares (basic) as of Dec 31 | 88,844,637 | 89,305,765 |
| Weighted average number of ordinary shares (diluted) | ||
Weighted average number of ordinary shares (basic) | 88,844,637 | 89,305,765 |
Effect of dilution from share options | 1,146,553 | 1,221,218 |
Weighted average number of ordinary shares (diluted) as of Dec 31 | 89,991,190 | 90,526,984 |
Number of outstanding ordinary shares as of Jan 1 | 88,290,124 | 89,275,668 |
Number of outstanding ordinary shares as of Dec 31 | 89,388,682 | 88,290,124 |
Number of outstanding shares are reduced by treasury shares, see Note 15 Equity.
139
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Current assets | 31 | 69 |
Fixed assets | 74 | 68 |
Interest limitation | 33 | 32 |
Accruals | 113 | 109 |
Non-current debt/receivables | -118 | -105 |
Tax losses carried forward | 582 | 526 |
Purchase price allocations (intangible assets) | -50 | -215 |
Other | 62 | 19 |
Total basis for recognized deferred tax assets | 727 | 503 |
Deferred tax asset | 170 | 117 |
(NOK millions) | 2024 | 2023 |
Current assets | 321 | 254 |
Purchase price allocations (intangible assets) | 374 | 259 |
Fixed assets | 1 | 9 |
Accruals | -2 | -2 |
Other | 61 | 1 |
Total basis for recognized deferred tax liabilities | 754 | 521 |
Deferred tax liabilities | 166 | 115 |
(NOK millions) | 2024 | 2023 |
Income tax on net profit | 169 | 149 |
Income tax prior year correction | -29 | 0 |
Change in deferred taxes | -23 | -72 |
Withholding tax expenses | 11 | 0 |
Total | 128 | 77 |
(NOK millions) | 2024 | 2023 |
Net income before income tax expense | 396 | -82 |
Norwegian statutory rate | 22% | 22% |
Estimated income taxes at statutory rate | 87 | -18 |
| Increase/decrease (-) in income taxes from: | ||
Effect of tax rates other than statutory tax rate in Norway | 4 | 6 |
Permanent differences | 14 | 42 |
Unrecognized deferred tax assets | 40 | 48 |
Income tax prior year correction | -28 | 0 |
Withholding tax expenses | 11 | 0 |
Total income tax expense | 128 | 77 |
140
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | % | 2023 | % |
Not due | 7,039 | 68% | 5,110 | 64% |
1-30 days overdue | 1,144 | 11% | 1,176 | 15% |
30-60 days overdue | 447 | 4% | 395 | 5% |
60-90 days overdue | 295 | 3% | 245 | 3% |
90-120 days overdue | 177 | 2% | 157 | 2% |
More than 120 days overdue | 1,177 | 11% | 962 | 12% |
Total | 10,279 | 8,045 |
(NOK millions) | 2024 | 2023 |
| Tax expense/income recognized in profit and loss: | ||
Current assets | -23 | 27 |
Fixed assets | 3 | -2 |
Purchase price allocations (intangible assets) | 10 | 4 |
Interest limitation | 0 | 8 |
Provision | 0 | -3 |
Non-current debt/receivables - IFRS 16 | 3 | 2 |
Non-current deb/receivables - unrealized foreign exchange gains/losses (-) | -5 | -12 |
Tax losses carried forward | 10 | 30 |
Share options | 1 | 2 |
Other Tax expense/income recognized in other comprehensive income: | 2 | 0 |
Unrealized foreign exchange gains/losses (-) on non-current debt | 29 | 17 |
Currency on balances | -7 | -2 |
Total basis for recognized deferred tax liabilities | 23 | 72 |
(NOK millions) | 2024 | 2023 |
Opening balance as of Jan 1 | 2 | -55 |
Tax expense/income recognized in profit or loss | 23 | 72 |
Tax expense/income recognized in other comprehensive income | -29 | -17 |
Currency on balances | 7 | 2 |
Net deferred tax asset as of Dec 31 | 3 | 2 |
(NOK milions) | 2024 | 2023 |
Unrealized foreign exchange gains/losses (-) on non-current debt | -29 | -17 |
Total income tax recognized in other comprehensive income | -29 | -17 |
141
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Allowance for doubtful accounts in the balance sheet
(NOK millions) | 2024 | 2023 |
Opening balance as of Jan 1 | 197 | 116 |
Currency translation | 16 | 6 |
Net allowance/reversal (-) | -47 | 76 |
Closing balance as of Dec 31 | 166 | 197 |
Profit or loss effect of bad debt
(NOK millions) | 2024 | 2023 |
Realized losses | 72 | 6 |
Allowance/reversal (-) for doubtful accounts | -47 | 76 |
Net accounting losses on receivables | 25 | 82 |
The Group's credit risk exposure is mainly related to accounts receivables, unbilled revenue and contract assets.
Losses on receivables are reported as other operating expenses in profit or loss. Historical realized bad debt losses
are limited, and a significant part of the bad debt expense consists of increased allowances based on forward-looking
analysis, mainly considering ageing and any other impairment indicators. Total bad debt expense constituted 0.04% of
gross sales for 2024 versus 0.17% in 2023. Bad debt allowance made up 1.6% of total accounts receivables end of 2024
compared to 2,50% end of 2023. Contract assets refer to multi-period contracts, largely consisting of public customers
carrying lower credit risk. The credit risk of the contracts assets has been considered applying a factor of 0.05% on
relevant gross sales, netted to the contract assets.
The analysis related to the Group’s bad debt impairment testing is performed on each subsidiary by determining
appropriate groupings, considering estimated future economic factors, and adjusting historical loss rates for current
and forward-looking information. Relevant grouping of receivables is mainly geographical, aging of the balances and
difference between public and private end-users. The impairment analysis is based on the matrix presented below, with
an extra 5% allowance included for balances overdue more than 180 days in geographical areas considered as higher
risk. Based on individual assessment, specific receivables can be excluded from the matrix calculation. In addition to the
matrix analysis, the bad debt allowance includes any provision due to specific assessment.
Number of days overdue
| General allowance | |
1-90 | 0% |
91-120 | 2.5% |
121-150 | 5% |
151-180 | 10% |
180-365 | 20% |
Above 365 | 100% |
Bad debt provision based on the matrix analysis amount to NOK 82m. In addition, specific assessments aggregate to
NOK 84m. A credit risk concentration related to the APAC & MEA region is considered in the assessment, see also Note
19.
Included in the receivables more than 365 days overdue is a significant delayed public sector receivables from
the Philippines. The receivables originate from invoicing in 2022 at about NOK 0.5bn. The process of collecting the
significant overdue receivables toward the Department of Budget and Management Procurement Services (“PS-
DBM”) developed positively towards the end of 2024. To be able to release the payment, PS-DBM and Microsoft have
proposed Crayon to file an accelerated money claim process that is expected to be resolved within 6 months. The
money claim will combine both Crayon’s and Microsoft’s unsettled receivables for license and cloud consumption from
the start of the agreement until the new partner agreement was operating. The extended payment terms on certain
accounts payables offsetting most of the negative net working capital impact for Crayon continue and are expected to
be valid until the receivables are settled. A bad debt provision of NOK 7m has been considered related to the time value
of the expected settlement.
The Group continues to intensify collection efforts over accounts receivable as a precaution against risk brought about
by increased operations in new markets outside the core Nordic region.
Crayon has non-recourse factoring agreements implemented for a set of customers in India. As of December 31,
2024, accounts receivables are reduced by NOK 57m (2023: NOK 460m) compared to a situation without the factoring
agreements. Upon sale to factoring company, the accounts receivables are derecognized. The factoring amount as of
December 31, 2023, also includes factoring agreements in Norway and Denmark, that were discontinued during 2024.
Other current receivables and current assets
(NOK millions) | 2024 | 2023 |
Unbilled revenue | 1,760 | 1,297 |
Public duty receivables | 545 | 553 |
Total other current receivables | 2,306 | 1,851 |
Contract assets | 330 | 253 |
Prepaid expenses and other | 219 | 210 |
Other current receivables | 6 | 10 |
Total current assets | 554 | 473 |
Total | 2,860 | 2,324 |
Contract assets relate to multi-period licensing contracts where performance obligation is satisfied upon the initial
completion of the contract towards the agent. Contract assets consist of the future net cash flows in these contracts.
Change in contract assets relates to new multi-period agreements with future cash flows, offset by cash flows from
agreements with initial completion in previous periods. Refer to Note 2 Revenue.
Please refer to Note 19 for further details on the credit risk.
142
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Cash and cash equivalents | 1,654 | 1,467 |
Restricted cash | -53 | -49 |
Free available cash | 1,601 | 1,418 |
Available credit facility | 1,918 | 1,308 |
Liquidity reserve as of Dec 31 | 3,518 | 2,726 |
143
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Ordinary shares | Treasury shares | Total | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
Issued as of Jan 1 | 89,574,924 | 89,285,768 | -1,284,800 | -10,100 | 88,290,124 | 89,275,668 |
Repurchase of own shares | 0 | 0 | 0 | -1,274,700 | 0 | -1,274,700 |
Exercised shares options and bonus shares Jan | 0 | 115,576 | 0 | 0 | 0 | 115,576 |
Exercised shares options and bonus shares May | 0 | 0 | 492,450 | 0 | 492,450 | 0 |
Exercised shares options and bonus shares June | 0 | 0 | 500,230 | 0 | 500,230 | 0 |
Exercised shares options and bonus shares Jul | 0 | 0 | 501 | 0 | 501 | 0 |
Exercised shares options and bonus shares Sept | 0 | 173,580 | 71 | 0 | 71 | 173,580 |
Exercised shares options and bonus shares Dec | 0 | 0 | 137,500 | 0 | 137,500 | 0 |
Adjustment | 0 | 0 | -32,194 | 0 | -32,194 | 0 |
Issued as of Dec 31 - fully paid | 89,574,924 | 89,574,924 | -186,242 | -1,284,800 | 89,388,682 | 88,290,124 |
144
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Liabilities under supplier finance arragement | 90-150 days after invoice date | 90-150 days after invoice date |
| Comparable trade payables not part of the supplier | 60 days after invoice date | 60 days after invoice date |
| finance arragement |
(NOK millions) | 2024 | 2023 |
Liabilities under supplier finance arrangement | 198 | 127 |
of which the supplier has received payment from the finance provider | 198 | 127 |
2024 | 2023 | |||||
(NOK millions) | Non-current | Current | Total | Non-current | Current | Total |
Bond loan | 1,200 | 0 | 1,200 | 1,800 | 0 | 1,800 |
Amortization cost bond loan 1 | -9 | 0 | -9 | -8 | 0 | -8 |
Revolving credit facility | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization cost RCF 2 | -11 | 0 | -11 | 0 | 0 | 0 |
Overdraft facility | 0 | 0 | 0 | 0 | 0 | 0 |
Supplier financing | 0 | 198 | 198 | 0 | 127 | 127 |
Lease liabilities | 434 | 113 | 547 | 488 | 93 | 582 |
Other interest-bearing debt | 5 | 31 | 36 | 0 | 106 | 106 |
Total interest-bearing debt | 1,619 | 342 | 1,961 | 2,280 | 326 | 2,607 |
(NOK millions) | 2024 | 2023 |
Total interest-bearing debt | 1,961 | 2,607 |
Cash & cash equivalents | -1,654 | -1,467 |
Restricted cash | 53 | 49 |
Net interest-bearing debt | 361 | 1,189 |
145
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
(NOK millions) | 2024 | 2023 |
Contingent consideration from business combinations | 0 | 3 |
Liabilities to employees | 16 | 20 |
Other | 5 | 10 |
Total | 21 | 33 |
(NOK millions) | 2024 | 2023 |
Contingent consideration from business combinations | 0 | 28 |
Employee benefits related accruals | 486 | 440 |
Prepayments | 120 | 59 |
Accruals | 1,605 | 1,249 |
Other | 45 | 48 |
Total | 2,256 | 1,824 |
146
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
| Fair value through | Financial assets at | Financial liabilities | Total carrying | |
| (NOK millions) | profit or loss | amortized cost | at amortized cost | amount |
| 2024 | ||||
| Financial assets | ||||
Other non-current receivables | 0 | 156 | 0 | 156 |
Accounts receivable | 0 | 10,113 | 0 | 10,113 |
Other current receivables | 0 | 2,641 | 0 | 2,641 |
Cash and cash equivalent | 0 | 1,654 | 0 | 1,654 |
Total financial assets | 0 | 14,564 | 0 | 14,564 |
| Financial liabilities | ||||
Bond loan | 0 | 0 | 1,191 | 1,191 |
Lease liability | 0 | 0 | 547 | 547 |
Revolving credit facility | 0 | 0 | -11 | -11 |
Other non-current liabilities | 0 | 0 | 26 | 26 |
Other current interest bearing debt | 0 | 0 | 230 | 230 |
Accounts payable | 0 | 0 | 11,313 | 11,313 |
Total financial liabilities | 0 | 0 | 13,296 | 13,296 |
| Fair value through | Financial assets at | Financial liabilities | Total carrying | |
| (NOK millions) | profit or loss | amortized cost | at amortized cost | amount |
| 2023 | ||||
| Financial assets | ||||
Other non-current receivables | 0 | 156 | 0 | 156 |
Accounts receivable | 0 | 7,847 | 0 | 7,847 |
Other current receivables | 0 | 2,113 | 0 | 2,113 |
Cash and cash equivalent | 0 | 1,467 | 0 | 1,467 |
Total financial assets | 0 | 11,584 | 0 | 11,584 |
| Financial liabilities | ||||
Bond loan | 0 | 0 | 1,792 | 1,792 |
Lease liability | 0 | 0 | 582 | 582 |
Revolving credit facility | 0 | 0 | 0 | 0 |
Other non-current liabilities | 3 | 0 | 25 | 28 |
Other current-interest bearing debt | 0 | 0 | 233 | 233 |
Other current liabilities | 28 | 0 | 0 | 28 |
Accounts payable | 0 | 0 | 8,753 | 8,753 |
Total financial liabilities | 31 | 0 | 11,385 | 11,415 |
(NOK millions) | 2024 | 2023 |
Level 1 | 0 | 0 |
Level 2 | 0 | 0 |
Level 3 | 0 | 31 |
Total | 0 | 31 |
Reconciliation of liabilities arising from financing activities
| Total liabilities | ||||
| Non-current | Other interest- | Lease | from financing | |
| (NOK millions) | bond loan | bearing debt | liabilities | activities |
As of Jan 1, 2024 | 1,792 | 233 | 582 | 2,607 |
Repayment of bond loan | -1,800 | 0 | 0 | -1,800 |
Proceeds from bond issue | 1,200 | 0 | 0 | 1,200 |
Proceeds from supplier financing | 0 | 1,605 | 0 | 1,605 |
Repayment of supplier financing | 0 | -1,547 | 0 | -1,547 |
New lease agreements, net of additions and terminations | 0 | 0 | 59 | 59 |
Amortization cost | -1 | -7 | 0 | -8 |
Payment of lease liabilities | 0 | 0 | -107 | -107 |
Proceeds from other credit facilities utilization | 0 | 5,751 | 0 | 5,751 |
Repayment of other credit facilities | 0 | -5,832 | 0 | -5,832 |
Proceeds from RCF drawdown | 0 | 4,480 | 0 | 4,480 |
Repayment of RCF | 0 | -4,480 | 0 | -4,480 |
Currency effect | 0 | 22 | 14 | 35 |
As of Dec 31, 2024 | 1,191 | 224 | 547 | 1,961 |
147
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
2024 | 2023 | |||
| Accounts | Unbilled | Accounts | Unbilled | |
| (NOK millions) | receivables | revenue | receivables | revenue |
Nordics | 2,626 | 299 | 2,100 | 195 |
Europe | 2,325 | 496 | 1,876 | 224 |
APAC & MEA | 4,713 | 707 | 3,552 | 601 |
US | 562 | 173 | 506 | 162 |
HQ | 53 | 84 | 11 | 115 |
Total | 10,279 | 1,760 | 8,045 | 1,297 |
148
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
2024 | 2023 | ||||
| Changes | Effect on | Effect on | Effect on | Effect on | |
| (NOK millions) | in FX-rate | adjusted EBITDA | equity | adjusted EBITDA | equity |
| Currency | |||||
SEK | + 10% | -15 | -67 | -14 | -25 |
- 10% | 15 | 67 | 14 | 25 | |
DKK | +10% | -12 | -14 | -9 | -31 |
-10% | 12 | 14 | 9 | 31 | |
EUR | +10% | -13 | -57 | -8 | -31 |
-10% | 13 | 57 | 8 | 31 | |
USD 1 | +10% | -2 | -45 | 0 | -43 |
-10% | 2 | 45 | 0 | 43 | |
INR | +10% | -11 | -23 | -9 | -7 |
-10% | 11 | 23 | 9 | 7 | |
AUD | +10% | -4 | -30 | -9 | -29 |
-10% | 4 | 30 | 9 | 29 |
(NOK millions) | H1 2025 | H2 2025 | H1 2026 | H2 2026 | H1 2027 | H2 2027 | 2028-> | Total |
Bond loan | 45 | 45 | 45 | 45 | 45 | 45 | 1,245 | 1,516 |
Other financial liabilities | 1 | 1 | 12 | 12 | 1 | 0 | 0 | 26 |
| Other current interest | 229 | 0 | 0 | 0 | 0 | 0 | 0 | 229 |
| bearing debt | ||||||||
Accounts Payable | 11,313 | 0 | 0 | 0 | 0 | 0 | 0 | 11,313 |
Lease payments | 71 | 71 | 62 | 62 | 50 | 50 | 281 | 647 |
Total | 11,660 | 117 | 119 | 119 | 96 | 96 | 1,526 | 13,732 |
149
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
NOTE 21 Management remuneration
Remuneration to the executive management is summarized below. Only remuneration earned as part of executive
management is included.
(NOK millions) | 2024 | 2023 |
Salary | 19.7 | 18.1 |
Bonus | 3.0 | 3.5 |
Pension | 0.7 | 0.6 |
Share-based compensation 1 | 2.4 | 5.5 |
Other benefits | 0.9 | 0.6 |
Total | 26.7 | 28.4 |
1
Cost based on Black-Scholes model, refer to Note 6.
Remuneration to the members of the Board is summarized below. The Board of Directors and committee fees are
approved by the shareholders at the Annual General Meeting for the period until the next Annual General Meeting.
Amounts presented below represent the fees approved by the Annual General Meeting in 2024 and 2023, respectively.
(NOK millions) | 2024 | 2023 |
Board of Directors fee | 3.8 | 3.4 |
Remuneration Committee fee | 0.2 | 0.2 |
Audit & ESG Committee fee | 0.3 | 0.3 |
Share-based compensation 1 | 0.5 | 0.2 |
Total | 4.7 | 4.0 |
1
Cost based on Black-Scholes model, refer to Note 6.
More detailed information on the compensation to the Group’s directors including executive management as well as
members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the
Norwegian Public Limited Liability Companies Act § 6-16b. The report for the financial year 2024 is published on the
Group’s website together with the Annual Report.
NOTE 22 Related parties
Transactions with related persons are disclosed in Note 21 and in the Remuneration report. Overview of related
companies are disclosed in Note 24. During 2024, the Group had no other related parties.
Any transactions, agreements or arrangements between the Group and related parties are entered into as part of the
ordinary course of business and on arm’s length market terms.
150
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
NOTE 23 Collateral and guarantees
As security for the Crayon Group's Multicurrency Revolving Credit Facility Agreement (RCF) and the 100m guarantee
facility, Crayon Group AS has provided a first priority assignment agreement. The liability of each Guarantor, listed
below, shall be limited to NOK 2,400m plus any unpaid amount of interest, fees, liability, premium and expenses. The
security includes pledges in respect of all the issued shares in all of the guarantors (other than the Parent), operational
assets and trade receivables of each guarantor incorporated in Norway and any intercompany loans. For further
information see Note 16 Interest bearing debt and derivatives.
List of guarantors
• Crayon Group Holding ASA
• Crayon Group AS
• Crayon AS
• Crayon A/S
• Crayon AB
• Crayon Software Experts Australia Pty Limited
• rhipe Pty Ltd
• rhipe Australia Pty Ltd
• Sensa ehf
• Crayon BV
• Crayon Schweiz AG
• Crayon OY
• Crayon Iceland ehf
Crayon Group Holding ASA (parent company) guarantees to Microsoft the full and promptly payment of a number of
the parent company’s affiliates outstanding debt and performance obligations, related to the normal core of business of
the Group and recognized as part of account payables in the statement of the financial position. At year end, the total
outstanding debt and obligations of the relevant parent company affiliates amounted to NOK 4,363m.
Assets in Crayon India have been pledged in relation to the loan facilities in the subsidiary in India.
In addition to the above, parental guarantees from Crayon Group Holding ASA are listed below:
| Guarantee limit | Utilized as of Dec 31, 2024 | Type of guarantees provided to Crayon | ||
Beneficary | Currency | (NOK millions) | (NOK millions) | subsidiaries from the beneficary as of Dec 31, 2024 |
| Utilized amounts under supplier financing | ||||
Levantor | USD | 453 | 198 | agreements |
Tryg | NOK | 200 | 54 | Withholding tax and rental guarantees |
ING Bank | EUR | 88 | 0 | |
SEB | EUR | 59 | 4 | Performance guarantees |
Atradius | NOK | 50 | 0 | |
Citi bank | AUD | 21 | 13 | Rental guarantees |
| Ownership % | |||
Subsidiary | Office location | 2024 | 2023 |
| Nordics | |||
Crayon Group AS | Oslo | 100% | 100% |
Crayon AS | Oslo | 100% | 100% |
Inmeta Consulting AS | Oslo | 100% | 100% |
Esito AS | Oslo | 0% | 100% |
Puzzlepart AS | Oslo | 100% | 100% |
Crayon Consulting A/S | Copenhagen | 100% | 100% |
Crayon A/S | Copenhagen | 100% | 100% |
Crayon AB | Stockholm | 100% | 100% |
Crayon OY | Helsinki | 100% | 100% |
Crayon Iceland ehf. | Reykjavik | 100% | 100% |
Ice Distributions hf | Reykjavik | 100% | 100% |
COMPLIT AS | Oslo | 100% | 100% |
Crayon IOT AS | Oslo | 0% | 100% |
Inmeta Management Consulting AS | Oslo | 70% | 70% |
Sensa Ehf | Reykjavík | 100% | 100% |
| Europe | |||
Crayon Ltd | London | 100% | 100% |
Crayon France SAS | Paris | 85% | 90% |
Crayon Deutschland GmbH | Munich | 100% | 100% |
Crayon Austria GmbH | Vienna | 100% | 100% |
Crayon Schweiz AG | Altdorf | 99% | 99% |
Crayon Software Experts Spain SL | Madrid | 100% | 100% |
Crayon Software Licensing Unipessoal LDA | Lisbon | 100% | 100% |
Crayon BV | Amsterdam | 100% | 100% |
Crayon doo Beograd | Beograd | 80% | 80% |
Crayon Bulgaria OOD | Sofia | 80% | 80% |
SEQUINT BV | Rotterdam | 0% | 100% |
Krejon Makedonija DOO | Skopje | 100% | 100% |
SIA “Crayon Latvia” | Riga | 83% | 83% |
Crayon Software Experts Romania S.R.L. | Bucharest | 80% | 80% |
151
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
| Ownership % | |||
Subsidiary | Office location | 2024 | 2023 |
Crayon Poland sp. z o.o. | Warszawa | 80% | 80% |
Crayon Czech Republic and Slovakia s.r.o. | Prague | 80% | 80% |
LLC «Crayon Ukraine» | Kyiv | 97% | 80% |
Crayon Magyarország Korlátolt Felelősségű Társaság | Budapest | 80% | 80% |
CRAYON, celovite IT rešitve, d.o.o. | Ljubljana | 80% | 80% |
Anglepoint (UK) Limited | London | 77% | 77% |
Anglepoint Group (Germany) GmbH | Hamburg | 77% | 77% |
Anglepoint (Ireland) Limited | Lismore | 77% | 77% |
Fisher IT Services Holdings Limited | London | 77% | 77% |
Fisher IT Asset Consulting Limited | London | 77% | 77% |
Fisher Analytics and Control Technology Limited | London | 77% | 77% |
Crayon Lithuania UAB | Vilnius | 100% | 100% |
Crayon Estonia OÜ | Tallinn | 100% | 100% |
| APAC & MEA | |||
Crayon DMCC | Dubai | 80% | 80% |
Crayon Middle East Information Technology Consultants LLC 1 | Abu Dhabi | 39% | 39% |
Crayon Arab Company for Information Systems Technology LLC 1 | Riyadh | 39% | 39% |
Atria Technologies Pte Ltd | Singapore | 0% | 100% |
Crayon Pte Ltd | Singapore | 100% | 100% |
Kryptos Networks Pvt Ltd | Chennai | 100% | 100% |
Kryptos Technologies Private Limited | Mumbai | 50% | 50% |
Crayon Software Experts India Pvt Ltd | Mumbai | 100% | 100% |
Crayon Software Experts Philippines Inc | Makati City | 100% | 99% |
Crayon Software Experts Malaysia Sdn Bhd | Kuala Lumpur | 90% | 90% |
Crayon Australia PTY LTD | Sydney | 100% | 100% |
Crayon Mauritius Ltd | Port Louis | 100% | 100% |
Crayon Africa SA | Johannesburg | 100% | 100% |
Wadi Al Omar CO | Riyadh | 100% | 100% |
Crayon Software Lanka Pvt Ltd | Colombo | 90% | 90% |
Navicle Pty Ltd | Sydney | 100% | 100% |
Crayon IT Services Private Limited | Mumbai | 100% | 100% |
PT Rhipe International Indonesia | Jakarta | 100% | 99% |
Crayon Japan K.K. | Tokyo | 80% | 80% |
PT Krayon Konsultan Indonesia | Jakarta | 100% | 100% |
Crayon Australia Holding Pty Ltd (Holdco) | Melbourne | 100% | 100% |
Crayon Software Experts Australia Pty Ltd (Bidco) | Melbourne | 100% | 100% |
Rhipe Limited | Sydney | 100% | 100% |
Rhipe Australia Pty Ltd | Sydney | 100% | 100% |
Rhipe Dynamics Pty Ltd | Sydney | 100% | 100% |
Crayon (Thailand) Co. Ltd | Bangkok | 100% | 100% |
rhipe Philippines, Inc | Manila | 100% | 100% |
Crayon South Korea Ltd | Seoul | 100% | 100% |
| Ownership % | |||
152
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
2024 | 2023 | |||||
| NCI | NCI share | NCI | NCI share | |||
| ownership | NCI share | of net | ownership | NCI share | of net | |
| (NOK millions) | share | of equity | income | share | of equity | income |
| Nordics | ||||||
Inmeta Management Consulting AS Europe | 30% | -2 | 2 | 30% | -3 | -2 |
Crayon Schweiz AG | 2% | 3 | 0 | 2% | 2 | 0 |
Crayon France SAS | 15% | 7 | 1 | 10% | 2 | 2 |
Crayon doo Beograd | 20% | 1 | 1 | 20% | 1 | 0 |
Crayon Bulgaria OOD | 20% | 5 | 1 | 20% | 3 | 1 |
SIA “Crayon Latvia” | 17% | -3 | -1 | 17% | -1 | -2 |
Crayon Software Experts Romania S.R.L. | 20% | 5 | 2 | 20% | 3 | 1 |
Crayon Poland sp. z o.o. | 20% | 6 | 2 | 20% | 4 | 3 |
Crayon Czech Republic and Slovakia s.r.o. | 20% | -2 | 0 | 20% | -1 | -3 |
LLC «Crayon Ukraine» | 3% | 1 | 0 | 20% | 2 | 2 |
| Crayon Magyarország Korlátolt Felelősségű | 20% | 1 | 0 | 20% | 1 | 0 |
| Társaság | ||||||
CRAYON, celovite IT rešitve, d.o.o. | 20% | -2 | -2 | 20% | -1 | -1 |
Anglepoint (UK) Limited | 23% | -1 | 1 | 23% | -2 | -3 |
Anglepoint Group (Germany) GmbH | 23% | 0 | 0 | 23% | 0 | 0 |
Anglepoint (Ireland) Limited | 23% | 0 | 0 | 23% | 0 | 0 |
Fisher IT Services Holdings Limited | 23% | 0 | 0 | 23% | 0 | 0 |
Fisher IT Asset Consulting Limited | 23% | 2 | 1 | 23% | 1 | 1 |
Fisher Analytics and Control Technology Limited | 23% | 0 | 0 | 23% | 0 | 0 |
| APAC & MEA | ||||||
Crayon DMCC | 20% | -8 | -3 | 20% | -5 | -16 |
| Crayon Middle East Information Technology | 61% | -19 | -3 | 61% | -14 | -22 |
| Consultants LLC | ||||||
| Crayon Arab Company for Information Systems | 61% | 14 | 9 | 61% | 12 | 11 |
| Technology LLC | ||||||
Kryptos Technologies Private Limited | 50% | 3 | 1 | 50% | 2 | 3 |
Crayon Software Experts Philippines Inc | 0% | 0 | 0 | 1% | -2 | -1 |
Crayon Software Experts Malaysia Sdn Bhd | 10% | -3 | 1 | 10% | -3 | -2 |
Crayon Software Lanka Pvt Ltd | 10% | -4 | 0 | 10% | -4 | -1 |
PT Rhipe International Indonesia | 0% | 0 | 0 | 1% | 0 | 0 |
Crayon Japan K.K. | 20% | -4 | -1 | 20% | -3 | -1 |
Anglepoint Group, Inc | 23% | 0 | 0 | 23% | 0 | 0 |
Anglepoint India Private Limited | 23% | 1 | 0 | 23% | 0 | 0 |
Crayon Software Consulting and Trading | 0% | 0 | 0 | 51% | 0 | 0 |
2024 | 2023 | |||||
| NCI | NCI share | NCI | NCI share | |||
| ownership | NCI share | of net | ownership | NCI share | of net | |
| (NOK millions) | share | of equity | income | share | of equity | income |
| US | ||||||
Crayon Software Experts LLC | 23% | -26 | -1 | 23% | -28 | -19 |
Anglepoint Group Inc | 23% | 19 | -1 | 23% | 20 | 5 |
Software Wholesale International Inc | 23% | -1 | 0 | 23% | -1 | 0 |
Crayon Global Services GmbH | 23% | 0 | 0 | 23% | -2 | 0 |
Anglepoint International Holding LLC | 23% | 0 | 0 | 23% | 0 | 0 |
Anglepoint ULC | 23% | 0 | 0 | 23% | 0 | -1 |
Total | -6 | 10 | -17 | -44 |
2024 | 2023 | |||||
| Ownership | Share of | Share of | Ownership | Share of | Share of | |
| share | investment | net income | share | investment | net income | |
Cloud Direct Limited | 23% | 45 | 2 | 23% | 43 | 0 |
Total | 45 | 2 | 43 | 0 |
153
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
NOTE 25 Largest shareholders, numbers of shares held by
management and board of directors
The Company’s major shareholders as of December 31, who own more than 1.0% of the share capital, are:
Shareholder name | Total shareholding |
Folketrygdfondet | 10.4% |
Karbon Invest AS | 5.4% |
The Bank of New York Mellon | 4.4% |
Verdipapirfondet DNB norge | 3.2% |
State Street Bank and Trust Comp | 3.0% |
VPF DNB AM Norske Aksjer | 2.8% |
UBS Switzerland AG | 2.8% |
The Bank of New York Mellon SA/NV | 2.8% |
Hvaler Invest AS | 2.1% |
Nordnet Bank AB | 2.0% |
JPMorgan Chase Bank | 2.0% |
Verdipapirfondet Holberg Norge | 1.7% |
State Street Bank and Trust Comp | 1.7% |
J.P. Morgan SE | 1.6% |
Citibank | 1.6% |
HSBC Continental Europe | 1.3% |
Clearstream Banking S.A. | 1.2% |
The Bank of New York Mellon SA/NV | 1.2% |
Kverva Finans AS | 1.2% |
Skandinaviska Enskilda Banken AB | 1.1% |
The company’s trustees have shares in the company:
Officer | Total shareholding |
Karbon Invest AS (Jens Rugseth and Rune Syversen) | 4,800,000 |
Bente Liberg (CHRO), Goodcharma AS | 423,690 |
Jon Birger Syvertsen (COO) | 108,778 |
Grethe Viksaas (board member) | 45,979 |
Dagfinn Ringås (board member), CDR Holding AS | 45,806 |
Melissa Mulholland (CEO) | 39,704 |
Mette Wam (employee representative), Wam Invest AS | 26,405 |
Gudmundur Adalsteinsson (CSO) | 24,249 |
Jens Rugseth (board member), Rugz AS | 19,903 |
Marina Lønning (board member) | 18,750 |
Brede Huser (CFO) | 18,019 |
Florian Rosenberg (CTO) | 8,572 |
Lars Hatlen Larhammer (employee representative) | 4,019 |
Timmy Herland (employee representative) | 3,506 |
Rune Syversen (board member), Sevencs AS | 2,833 |
Wenche Marie Agerup (board member) | 2,500 |
154
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
NOTE 26 Climate-related matters
Crayon reports on climate risks and opportunities and has implemented the requirements of the EU’s new Corporate
Sustainability Reporting Directive/European Sustainability Reporting Standards from 2024. For more details, see Part
Three, Section B: Sustainability Statement. In preparing the financial statements, management has considered the
impact of climate change.
Climate change is a significant global challenge that can affect economic activities across sectors. As an IT company
with a global presence, we recognize there may be potential risks and opportunities associated with climate change.
Potential transition risks include those related to setting and achieving adequately calibrated climate ambitions,
considering company and industry climate change impacts and stakeholder expectations. Physical risks may not be
applicable or material depending on the company context.
No significant implications have been identified on financial reporting judgments and estimates. Specifically, the
following areas are considered:
• Cash flow projections used to evaluate the impairment of long-term assets, including goodwill.
• Assessment of the useful economic lives of equipment.
• Severe weather events like floods, droughts, and storms that may disrupt operations and the supply chain, potentially
affecting the Group's financial performance.
Management remains aware about the evolving risks and will regularly evaluate these against the judgments and
estimates used in preparing the Group’s financial statements.
NOTE 27 SoftwareOne transaction
On December 19, 2024, SoftwareOne Holding AG and Crayon Group Holding ASA, announced an agreement to
combine. SoftwareOne launched a recommended voluntary stock and cash offer to acquire all outstanding shares in
Crayon. Crayon shareholders are offered 0.8233 new shares in SoftwareOne and NOK 69 in cash for each Crayon share.
Completion of the offer is expected in Q2, 2025 and is subject to customary conditions including a minimum acceptance
of the offer of at least 90% of the Crayon shares on a fully diluted basis, as well as regulatory approvals. Any expenses,
cash settlements or reclassifications contingent of the transaction to take place, are not considered in the annual
report. This could include change of control conditions in loan agreements, cash settlement of the ongoing share-based
payment programs and any transaction cost. Ongoing expenses are recognized as they occur.
NOTE 28 Subsequent events
The SoftwareOne takeover offer prospectus was released March 14, 2025. The offer period will be four weeks until April
11, 2025.
155
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
Crayon Group Holding ASA
Statement of income 1.1 - 31.12
(NOK millions) Note 2024 2023
Operating income and expenses (-)
Payroll expenses
2,3 -4 -7
Other operating expenses
3 -34 -24
Total operating income and expenses (-) -39 -30
Operating profit (EBIT) -38 -30
Financial income and expenses (-)
Income from subsidiaries and other group companies
2,4 0 71
Interest income from group companies 2 131 79
Other financial income
10 6 231
Total financial income 137 381
Other interest expenses to group companies -6 -1
Other interest expenses
10 -110 -141
Other financial expenses
10 -41 -121
Total financial expenses -157 -262
Net financial income and expenses (-) -20 119
Net income/loss (-) before tax -59 89
Income tax expense on net income
5 10 -21
Net income/loss (-) -49 68
Brought forward
To other equity
6 0 68
Loss carried forward 6 -49 0
Net carried forward -49 68
156
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
Crayon Group Holding ASA
Balance sheet as of 31.12
(NOK millions) Note 2024 2023
ASSETS
NONCURRENT ASSETS
Deferred tax asset 5 41 31
Investments in subsidiaries
4 950 922
Loan to group companies 2 0 4
Total non-current assets 990 956
CURRENT ASSETS
Other receivables 1,2 2,273 3,006
Total receivables 2,273 3,006
Cash & cash equivalents
1 50 3
Total current assets 2,324 3,009
Total assets 3,314 3,965
(NOK millions) Note 2024 2023
EQUITY AND LIABILITIES
Paid-in equity
Share capital
6,7 90 90
Own shares
6,7 -12 -100
Share premium 6 1,821 1,821
Total paid-in equity 1,898 1,810
Retained earnings
6 8 83
Total equity 1,906 1,893
Non-current liabilities
Bond loan
8,9 1,191 1,792
Total non-current liabilities 1,191 1,792
Current liabilities
Accounts payable 4 3
Other current liabilities
2 213 277
Total current liabilities 217 280
Total liabilities 1,408 2,072
Total equity and liabilities 3,314 3,965
The board of directors of Crayon Group Holding ASA
Oslo, 10 April 2025
Rune Syversen Wenche Agerup Marina Lønning Arne Frogner Dagfinn Ringås Jens Rugseth
(Chairman) (Board Member) (Board Member) (Board Member) (Board Member) (Board Member)
Grethe H. Viksaas Timmy Herland Lars Larhammer Mette Wam Melissa Mulholland
(Board Member) (Employee Representative) (Employee Representative) (Employee Representative) (CEO)
157
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
Crayon Group Holding ASA
Cash flow statement
(NOK millions) 2024 2023
Cash flow from operating activities
Net income/loss (-) before tax -59 89
Net interest paid to credit institutions and interest to bond loan 110 141
Paid interest to group companies 6 1
Received interest from group companies -131 -79
Changes in inventory, accounts receivable/ payable 1 2
Changes in other current accounts 38 -55
Net cash provided by operating activities -35 98
Cash flow from investing activities
Received interest from group companies 131 79
Net change in cash pool, group companies 659 -11
Net cash from investing activities 790 67
Cash flow from financing activities
Interest paid -110 -141
Interest paid to group companies -6 -1
Share issues 0 3
Repurchase of shares 46 -100
Received group contribution 0 71
Repayment of bond loan -637 0
Other financial items 0 5
Net cash from financing activities -707 -163
Net increase (decrease) in cash and cash equivalents 47 2
Cash and cash equivalents at beginning of period 3 1
Cash and cash equivalents end of period 50 3
158
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
NOTE 2 Transactions with related parties
Accounts receivable and payable to Group companies:
(NOK millions) 2024 2023
Receivables
Other receivables
1
2,271 3,007
Total receivables 2,271 3,007
Liabilities
Other short term liabilities
1
182 239
Total liabilities 182 239
For liabilities not recognized in the balance sheet, please refer to note 8 Financial instruments.
Transactions with related parties:
(NOK millions) 2024 2023
Purchases of services:
Purchases from Crayon Group AS -4 -5
Total purchases -4 -5
Financial items
Income from subsidiaries and other group companies 0 71
Interest income from group companies 131 79
Other Interest expenses to group companies -6 -1
Total net financial items 125 149
1
Other receivables/ other short term liabilities consist of receivables/ liabilities within the cash pool, where the Top Account belongs
to Crayon Group AS.
NOTE 1 Accounting principles
The financial statements have been prepared in accordance with the Accounting Act (Norway) and generally accepted
accounting principles in Norway.
Non-current liabilities
Non-current liability is initially valued at transaction value less attributable transaction costs. Subsequent to initial
recognition, interest-bearing non-current liabilities are recognised at amortized cost with any difference between
cost and redemption value being recognized in the income statement over the period of the borrowing on an effective
interest basis.
Current assets and liabilities
Current assets and liabilities are comprised of items receivable/due within one year and items related to the circular
flow of goods. Current assets are valued at the lower of cost and market value.
Investment in subsidiaries
Subsidiaries are valued at cost. If actual value is below cost value and this continues over time, the investment in
subsidiaries will be impaired. Dividends, group contributions and other distributions from subsidiaries are recognized
in the same year as they are recognized in the financial statement of the provider. If dividends or group contribution
exceed withheld profits after the acquisition date, the excess amount represents repayment of invested capital, and is
recognized as a reduction in carrying value of the investment.
Foreign currency
Transactions in foreign currency are converted at the exchange rate applicable on the transaction date. Monetary
items in a foreign currency are converted to NOK using the exchange rate applicable on the balance sheet date.
Non-monetary items measured at the historical rate expressed in a foreign currency are converted into NOK using the
exchange rate applicable on the transaction date. Non-monetary items measured at fair value expressed in a foreign
currency are converted at the exchange rate applicable on the balance sheet date. Changes to exchange rates are
recognized in the income statement as they occur during the accounting period, and are presented as financial items.
Cash flow
The cash flow statement is presented using the indirect method. Cash and cash equivalents include cash in hand, bank
deposits and other current, highly liquid investments.
Receivables
Accounts receivable and other receivables are recognized at transaction price, minus a provision for bad debt. Provision
for bad debt is determined on the basis of an individual assessment of receivables. Other receivables are valued using
the same principle. Bank accounts included in cashpool are classified as other receivables.
Taxes
The income tax expense is comprised of both taxes payable (22%) for the period, which will be due in the next financial
year, and changes in deferred tax. Deferred tax is determined on the basis of existing temporary differences between
booked net income and taxable net income, including year-end loss carry-forward, calculated at 22%. Temporary
differences, both positive and negative, which will be reversed, or are likely to be reversed, in the same period, are
recorded net.
159
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
NOTE 5 Tax
(NOK millions) 2024 2023
Taxes payable on profit for the year 0 0
Change in deferred tax 10 -21
Total taxes for the year 10 -21
Specification of the tax base:
Net income before income tax -59 89
+ Permanent differences 13 6
+ Changes in temporary differences -7 6
- Use of losses carry-forward 53 -101
= Tax base 0 0
Specification of tax expenses:
Taxes payable in the balance sheet 0 0
= Total taxes payable 0 0
+/- Change in deferred tax/tax assets -10 19
+/- Change in deferred tax/tax assets correction from last year
1
0 2
= Income tax expense -10 21
1
Recognized into equity
Deferred tax/deferred tax assets
(NOK millions) 2024 2023
Accumulated tax losses carried forward -189 -136
Other differences 9 2
Limited deduction for interest on related parties -5 -5
= Basis for deferred tax -185 -139
Deferred tax 0 0
Negative basis for deferred tax -185 -139
= Basis for deferred tax asset -185 -139
Deferred tax asset 41 31
Tax rate Dec 31, (%) 22% 22%
Recognized deferred tax assets can be set off against future income.
NOTE 3 Other operating expenses
The Board of Directors fee and committee fees are approved by the shareholders at the Annual General Meeting for the
period until the next Annual General Meeting. Fees approved by the Annual General Meeting in 2024 amounted to NOK
4.2m (NOK 3.8m in 2023).
The Company has paid remuneration to the auditor in the following amounts:
(NOK millions) 2024 2023
Audit fee 8.3 3.4
Other assurance services 0.0 0.2
Total 8.3 3.6
Fees are quoted excluding VAT.
Regarding wages and benefits, please see group note 4.
NOTE 4 Investment in subsidiaries
The Company is the parent company to Crayon Group AS. The Company owns shares in:
(NOK millions) Registered office Book value
Ownership interest
and voting rights
Net
profit/loss Company's equity
Company
Crayon Group AS Oslo 949 100% -24 1,261
ICE Distribution hf Reykjavik 0 100% 0 0
950
Group accounts have been made for Crayon Group Holding ASA. Accounts are available from:
Crayon Group Holding ASA
Gullhaug Torg 5
0484 OSLO
160
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
The Company’s major shareholders as of December 31, who own more than 1% of the share capital, are:
Shareholder name Shareholding
Folketrygdfondet 10.4%
Karbon Invest AS 5.4%
The Bank of New York Mellon 4.4%
Verdipapirfondet DNB Norge 3.2%
State Street Bank and Trust Comp 3.0%
VPF DNB AM Norske Aksjer 2.8%
UBS Switzerland AG 2.8%
The Bank of New York Mellon SA/NV 2.8%
HVALER INVEST AS 2.1%
Nordnet Bank AB 2.0%
JPMorgan Chase Bank 2.0%
Verdipapirfondet Holberg Norge 1.7%
State Street Bank and Trust Comp 1.7%
J.P. Morgan SE 1.6%
Citibank 1.6%
HSBC Continental Europe 1.3%
Clearstream Banking S.A. 1.2%
The Bank of New York Mellon SA/NV 1.2%
Kverva Finans AS 1.2%
Skandinaviska Enskilda Banken AB 1.1%
The Company’s trustees have shares in the Company:
Officer Number of shares
Karbon Invest AS (Jens Rugseth and Rune Syversen) 4,800,000
Bente Liberg (CHRO), Goodcharma AS 423,690
Jon Birger Syvertsen (COO) 108,778
Grethe Viksaas (board member) 45,979
Dagfinn Ringås (board member), CDR Holding AS 45,806
Melissa Mulholland (CEO) 39,704
Mette Wam (employee representative), Wam Invest AS 26,405
Gudmundur Adalsteinsson (CSO) 24,249
Jens Rugseth (board member), Rugz AS 19,903
Marina Lønning (board member) 18,750
Brede Huser (CFO) 18,019
Florian Rosenberg (CTO) 8,572
Lars Hatlen Larhammer (employee representative) 4,019
Timmy Herland (employee representative) 3,506
Rune Syversen (board member), Sevencs AS 2,833
Wenche Marie Agerup (board member) 2,500
NOTE 6 Equity
(NOK millions) Share capital Own shares Share premium Other equity Total equity
Value Jan 1, 2024 90 -100 1,821 83 1,893
Sale of own shares 0 88 0 -42 46
Share-based compensation 0 0 0 16 16
Net loss for the year 0 0 0 -49 -49
Value Dec 31, 2024 90 -12 1,821 8 1,906
NOTE 7 Share capital
Crayon Group Holding ASA has 89,574,924 issued shares at a nominal value of NOK 1 (December 31, 2023; 89,574,924
shares at nominal value of NOK 1).
During 2024, there were no changes in share capital.
The total share capital amounts to NOK 89,574,924.
The company owns 186,242 of its own shares to facilitate management of employee share purchases.
Shares Number of shares Total nominal value Statutory provisions on voting
Shares 89,574,924 89,574,924 One share – one vote
The General Meeting on May 15, 2024 authorized the board of directors to increase the share capital in two different
settings. All authorizations are valid until the earlier of Crayon’s annual general meeting in 2025 and June 30, 2025.
In relation to the Company’s incentive schemes, the Board is granted an authorization to increase the Company's share
capital with up to NOK 5,374,495, provided however that the authorization cannot be used for an amount in excess of 6%
of the Company's share capital.
In connection with acquistions, etc. the Board is granted an authorization to increase the Company's share capital with
up to NOK 8,957,492, provided however that the authorization cannot be used for an amount in excess of 10% of the
Company's share capital.
The Board of Directors is granted an authorization to, on behalf of the Company, repurchase treasury shares with
a total nominal value of NOK 8,957,492, corresponding to 10% of of the Company's share capital at the time of the
approval. The maximum amount to be paid per share is NOK 250 and the minimum is NOK 1.
On December 19, 2024 an agreement to combine Crayon with SoftwareOne Holding AG was announced. The
agreement, until concluded, entails limitations in the opportunity to utilize the authorizations to increase the share
capital or to buy treasury shares.
In accordance with the company’s Articles of Association, the number of shares is the same as the number of ordinary
shares issued and fully paid-up.
161
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
FINANCIAL STATEMENTS
Statement of income
Balance sheet
Cash flow statement
NOTES TO FINANCIAL STATEMENTS
Note 1 Accounting principles
Note 2 Transactions with related
parties
Note 3 Other operating expenses
Note 4 Investment in subsidiaries
Note 5 Tax
Note 6 Equity
Note 7 Share capital
Note 8 Financial instruments
Note 9 Issuance of bond loan
Note 10 Financial income and
expenses
NOTE 8 Financial instruments
The total financial liabilities relating to the bond loan amounted to the following at December 31:
(NOK millions) 2024 2023
Bond principal 1,200 1,800
Transaction cost -9 -8
Total financial liabilities 1,191 1,792
Guarantee
Crayon Group Holding ASA (parent company) guarantees to Microsoft the full and promptly payment of a number of
the parent's company affiliates outstanding debt and performance obligations, related to the normal core of business
of the Group and recognised as part of account payables in the statement of the financial position. At year end, the total
outstanding debt and obligations of the relevant parent company affiliates amounted to NOK 4,363m.
In addition to the above, parental guarantees from Crayon Group Holding ASA are listed below:
Beneficary Currency
Guarantee limit
(NOK millions)
Utilized as of Dec 31, 2024
(NOK millions)
Type of guarantees provided to Crayon
subsidiaries from the beneficary as of Dec 31, 2024
Levantor USD 453 198
Utilized amounts under supplier financing
agreements
Tryg NOK 200 54 Withholding tax and rental guarantees
ING Bank EUR 88 0
SEB EUR 59 4 Performance guarantees
Atradius NOK 50 0
Citi bank AUD 21 13 Rental guarantees
NOTE 9 Issuance of bond loan
On April 8, 2024, the company completed a new senior unsecured bond loan of NOK 1,200m with a 4-year tenor. The
bonds will carry an interest rate at 3M NIBOR + 2.75% margin. The new bond was in its entirety used to redeem the
outstanding NOK 1,800m bond loan, carrying an interest rate at 3M NIBOR + 3.75%, which had an initial maturity date
in July 2025. Financial cost related to the settlement of the bond amounted to NOK 34m and was recognized as Other
financial expenses. Transaction costs of NOK 10m related to the NOK 1,200m bond are carried at amortized cost. The
bond is listed on the Oslo Stock Exchange (CRAYN05).
NOTE 10 Financial income and expenses
Other financial income and expenses are mainly related to currency revaluation of bank accounts into the cash pool
arrangement. Other interest expenses are paid and accrued interest of the bond loan.
162
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Responsibility statement from the board of directors
We hereby confirm that the annual accounts for the Group
and the Company for 2024 to the best of our knowledge
have been prepared in accordance with applicable
accounting standards and give a true and fair view of the
assets, liabilities, financial position and profit or loss of the
Group and the Company taken as a whole.
The board of directors’ report gives a true and fair view
of the development and performance of the business and
the position of the Group and the Company, as well as a
description of the principal risks and uncertainties facing
the Group.
The board of directors’ report and the statements on
corporate governance and corporate social responsibility
for 2024 have been prepared in line with the Norwegian
Accounting Act.
The sustainability statements for 2024 included in
the board of directors’ report have been prepared in
accordance with, and meet the information requirements
of, the Norwegian Accounting Act, European Sustainability
Reporting Standards (ESRS), and the EU taxonomy
regulation (Article 8 of EU Regulation 2020/852).
The board of directors of Crayon Group Holding ASA
Oslo, 10 April 2025
Rune Syversen Wenche Agerup Marina Lønning Arne Frogner Dagfinn Ringås Jens Rugseth
(Chairman) (Board Member) (Board Member) (Board Member) (Board Member) (Board Member)
Grethe H. Viksaas Timmy Herland Lars Larhammer Mette Wam Melissa Mulholland
(Board Member) (Employee Representative) (Employee Representative) (Employee Representative) (CEO)
163
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Auditor’s report
Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO
-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
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Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Crayon Group Holding ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Crayon Group Holding ASA, which comprise:
• The financial statements of the parent company Crayon Group Holding ASA (the Company), which
comprise the balance sheet as at 31 December 2024, statement of income and statement of cash
flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
• The consolidated financial statements of Crayon Group Holding ASA and its subsidiaries (the Group),
which comprise the financial position as at 31 December 2024, consolidated statement of profit or
loss and other comprehensive income, consolidated statement of changes in equity and statement
of cash flows for the year then ended, and notes to the financial statements, including material
accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in
accordance with Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2024, and its financial performance and its cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by relevant
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code),
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of Crayon Group Holding ASA for 1 year from the election by the general meeting of
the shareholders on 15 May 2024 for the accounting year 2024.
Independent auditor’s report
Crayon Group
Holding ASA
2
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of 2024. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Goodwill
Description of the Key Audit Matter How the matter was addressed in the audit
As disclosed in note 9, the Group has recognized
goodwill of NOK 3,331 million NOK.
Management performed impairment testing of
goodwill allocated to the Cash Generating Units
(‘CGU’s) to determine recoverable amount in
accordance with the requirements of IAS 36
‘Impairment of Assets’ (‘IAS 36’). Management
assessed the recoverable amount of goodwill by
determining the value in use.
Estimating value in use requires management to
make significant judgements and estimations.
Management judgements are based on the
Group’s forecast for the following years,
estimation of future outcomes and assumptions
of cash flows, along with the discount rate to be
applied to those cash flows.
Management’s impairment evaluation is a key
audit matter due to the significance of the
carrying amount of goodwill, the inherent
uncertainty involved in the forecasting and
discounting of future cash flows and the level of
management judgement involved in determining
assumptions used in the evaluation of
impairment.
We obtained an understanding of management’s
process for impairment testing of goodwill. We
assessed Crayons impairment process and tested the
design and implementation of relevant internal
controls. We challenged management’s assumptions
used in its impairment model for assessing the
recoverability of the carrying amount of goodwill. We
focused on the appropriateness of CGU identification,
methodology applied to estimate recoverable amount,
discount rates and forecasted cash flows. Specifically:
• We assessed the appropriateness of the
identification of cash-generating units.
• We assessed the methodological approach and the
appropriateness of management's model against the
requirements of the accounting standard IAS 36
Impairment of Assets.
• We assessed the mathematical accuracy of
management’s impairment models.
• We obtained an understanding of, assessed, and
challenged the basis for the key assumptions for the
Group’s forecast. This have been done by reviewing
historical information, extrapolating new information
and using industry standards to compare and
challenge the budgets and forecasts which the model
is based on.
• We evaluated and challenged management’s cash
flow forecasting included in forecast and the growth
rate beyond this period with reference to the recent
and historical performance of the CGU’s.
• We evaluated management’s sensitivity analysis.
• We assessed the discount rates applied by
benchmarking against independent data.
164
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Independent auditor’s report
Crayon Group Holding ASA
3
• We evaluated the appropriateness of the related
disclosures presented in Note 9 in accordance with
the requirements of IAS 36.
• We used Deloitte valuations specialists in our audit
of the carrying value of goodwill. The specialists have
contributed with the following procedures:
o Obtained and read through the valuation
analysis.
o Evaluated whether the method (i.e., valuation
technique) is appropriate in the context of the
applicable financial reporting framework.
o Assessed the reasonableness of the valuation
assumptions.
o The mathematical accuracy of significant
valuation calculations.
Recoverability of accounts receivable – Crayon Software Experts Philippines, Inc
Refer to Note 13 Current receivables and current assets and Note 19 Financial risk.
Description of the Key Audit Matter How the matter was addressed in the audit
Crayon bears the credit risk for the gross value
of license sales that are invoiced to the end
customer in agent transactions.
Significant overdue receivables related to a
governmental customer in the Philippines
remain unpaid. These receivables originate
from invoicing in 2022 at about NOK 0.5bn.
The overdue nature and substantial amount of
these receivables make this a key audit matter
due to the potential impact on the financial
statements and the inherent uncertainty
regarding the timing and collectability of the
receivables.
Our audit procedures in this area included:
• We assessed the appropriateness of the bad
debt provision by considering the time value
of money and the expected settlement
period.
• We evaluated the assumptions and
methodologies used by management in
determining the recoverability and the
provision.
• We assessed design and implementation of
relevant internal controls.
• Reviewing and assessing the reasonableness
and accuracy of the disclosures provided
pertaining to public sector receivables from
the Philippines.
Other Information
The Board of Directors and the Chief Executive Officer (management) are responsible for the information in
the Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
Independent auditor’s report
Crayon Group
Holding ASA
4
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there is
material inconsistency between the Board of Directors’ report and the other information accompanying the
financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appear to be materially misstated. We are required to report if there is a material misstatement in the Board
of Directors’ report or the other information accompanying the financial statements. We have nothing to
report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate
Governance.
Our statement that the Board of Directors’ report contains the information required by applicable law does
not cover the sustainability report, for which a separate assurance report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a
true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is
responsible for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The financial statements of the Group use the going concern basis
of accounting unless management either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
165
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Independent auditor’s report
Crayon Group Holding ASA
5
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company and
the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Crayon Group Holding ASA, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included in
the annual report, with the file name 5967007LIEEXZXI98043-2024-12-31-en.zip, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5
of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Independent auditor’s report
Crayon Group
Holding ASA
6
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE)
3000 – “Assurance engagements other than audits or reviews of historical financial information”. The
standard requires us to plan and perform procedures to obtain reasonable assurance about whether the
financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the
iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Oslo, 10 April 2025
Deloitte AS
Eivind Ungersness
State Authorised Public Accountant
(electronically signed)
166
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Sustainability limited assurance report
Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO
-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche T
ohmatsu Limited, a
UK
private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and
Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global n
etwork of member firms.
Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, prov
iding audit,
consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, pr
oviding tax and legal services.
Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Crayon Group Holding ASA
INDEPENDENT SUSTAINABILITY AUDITOR'S LIMITED ASSURANCE REPORT
Limited assurance conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of Crayon
Group Holding ASA (the “Group”), included in Sustainability Statements of the Board of Directors’ report,
including disclosures incorporated by reference as listed in the index on page 41 (the “Sustainability
Statement”), as at 31 December 2024 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our
attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects,
in accordance with the Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the process
carried out by the Group to identify the information reported in the Sustainability Statement (the
“Process”) is in accordance with the description set out in ESRS 2 general information, subsection
double materiality assessment, and
• compliance of the disclosures in EU Taxonomy of the Sustainability Statement with Article 8 of EU
Regulation 2020/852 (the “Taxonomy Regulation”).
Basis for conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance
Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical
financial information (“ISAE 3000 (Revised)”), issued by the International Auditing and Assurance Standards
Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Sustainability auditor’s
responsibilities section of our report.
Our independence and quality management
We have complied with the independence and other ethical requirements as required by relevant laws and
regulations in Norway and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for Accountants
(IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence
and due care, confidentiality and professional behaviour
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Other matter
The comparative information included in the Sustainability Statement was not subject to an assurance
engagement. Our conclusion is not modified in respect of this matter.
Independent sustainability auditor's
limited assurance report
Crayon Group Holding ASA
2
Responsibilities for the Sustainability Statement
The Board of Directors and the Chief Executive Officer (management) are responsible for designing and
implementing a process to identify the information reported in the Sustainability Statement in accordance
with the ESRS and for disclosing this Process in ESRS 2 general information, subsection double materiality
assessment of the Sustainability Statement. This responsibility includes:
• understanding the context in which the Group's activities and business relationships take place and
developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected
to affect, the Group's financial position, financial performance, cash flows, access to finance or cost
of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with the
Norwegian Accounting Act section 2-3, including:
• compliance with the ESRS, and
• preparing the disclosures in EU Taxonomy of the Sustainability Statement, in compliance with the
Taxonomy Regulation;
• designing, implementing and maintaining such internal control that management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, management is required to prepare the
forward-looking information on the basis of disclosed assumptions about events that may occur in the future
and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events
frequently do not occur as expected.
Sustainability auditor’s responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to
issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error
and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional
judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
• considering whether the information identified addresses the applicable disclosure requirements of
the ESRS; and
• designing and performing procedures to evaluate whether the Process is consistent with the Group's
description of its Process set out in ESRS 2 general information, subsection double materiality
assessment.
167
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Independent sustainability auditor's
limited assurance report
Crayon Group Holding ASA
3
Our other responsibilities in respect of the Sustainability Statement include:
• identifying where material misstatements are likely to arise, whether due to fraud or error; and
• designing and performing procedures responsive to where material misstatements are likely to arise
in the Sustainability Statement. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Summary of the work performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability
Statement. The procedures in a limited assurance engagement vary in nature and timing from, and are less in
extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained had
a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of disclosures where material misstatements are likely to arise in the Sustainability Statement,
whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management
(e.g., stakeholder engagement, business plans and strategy documents); and
o reviewing selected parts of the Company’s internal documentation of its Process; and
• evaluated whether the evidence obtained from our procedures with respect to the Process
implemented by the Group was consistent with the description of the Process set out in ESRS 2
general information, subsection double materiality assessment.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• obtained an understanding of the Group's reporting processes relevant to the preparation of its
Sustainability Statement by obtaining an understanding of the Group's control environment and
selected processes and information system relevant to the preparation of the Sustainability
Statement, but not for the purpose of providing a conclusion on the effectiveness of the Group's
internal control
• evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
• performed analytical procedures on selected information in the Sustainability Statement;
• performed substantive assurance procedures on selected information in the Sustainability
Statement;
• where applicable, compared selected disclosures in the Sustainability Statement with the
corresponding disclosures in the financial statements and other sections of the Board of Directors’
report;
• evaluated selected methods, assumptions and data for developing estimates and forward-looking
information;
• obtained an understanding of the Group's process to identify taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Sustainability Statement;
• evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement, and
Independent sustainability auditor's
limited assurance report
Crayon Group Holding ASA
4
• performed inquiries of relevant personnel, analytical procedures and substantive procedures on
selected taxonomy disclosures included in the Sustainability Statement.
Oslo, 10 April 2025
Deloitte AS
Eivind Ungersness
State Authorised Public Accountant - Sustainability Auditor
(This document is signed electronically)
168
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
The financial information in this report is prepared under IFRS Accounting Standards, as adopted by the EU. To enhance
the understanding of Crayon's performance, the company has presented several alternative performance measures
(APMs). An APM is defined by ESMA guidelines as a financial measure of historical or future financial performance,
financial position, or cash flows, other than a financial measure defined or specified in the relevant accounting rules
(IFRS). Alternative performance measures should not be viewed as a substitute for financial information presented
in accordance with IFRS but rather as a complement. The Group believes that APMs such as adjusted EBITDA are
commonly reported by companies in the markets in which Crayon compete and are widely used by investors in
comparing performance on a consistent basis without regard to factors such as other share-based payments and
other income and expenses, which can vary significantly from period to period, especially due to M&A transactions,
related reorganizations or other significant non-recurring items. Crayon discloses the APMs to permit a more complete
and comprehensive analysis of its underlying operating performance relative to other companies and across periods.
Because companies may calculate gross sales, gross profit, adjusted EBITDA, other income and expenses, net working
capital and liquidity reserve differently, the Company’s presentation of these APMs may not be comparable to similar
titled measures used by other companies.
Crayon uses the following APMs and definitions
Adjusted EBITDA: EBITDA excluding impairment, share based compensation and other income and expenses. The
measure is valuable for investors and other stakeholders in assessing operating profitability on a variable cost basis,
excluding depreciation, amortization and impairment expenses, as well as other non-recurring items. This approach
allows for a clearer evaluation of operating performance in comparison to Crayon's competitors.
(NOK millions) 2024 2023
EBITDA 1,090 745
Adjustments:
Share based compensation 35 42
Other income and expenses 49 132
Adjusted EBITDA 1,174 919
Adjusted EBITDA margin: Adjusted EBITDA / Gross Profit. The measure enables comparison between segments and
competitors.
(NOK millions) 2024 2023
Gross profit 6,283 5,662
Adjusted EBITDA 1,174 919
Adjusted EBITDA Margin 18.7% 16.2%
CAPEX: Capital expenditures that mainly consists of office equipment and capitalizes expenses related to development
activities according to IAS 38. Capex is a measure of investments made in the operations in the relevant period and is
useful to investors and stakeholders evaluating the capital intensity of the operations.
Constant currency: Foreign currency transactions converted to constant currency.
EBIT: Earnings before interest expense, other financial items, and income taxes.
EBITDA: Earnings before interest expense, other financial items, income taxes, depreciation and amortization.
Gross Profit: Operating Revenue less cost of goods or services sold.
(NOK millions) 2024 2023
Revenue 7,012 6,397
Cost of sales -729 -735
Gross profit 6,283 5,662
Gross Sales: Gross revenues assuming we were principal and not agent on all software resales being restated and
reflect the actual billing for the relevant period.
Leverage ratio: Net interest-bearing debt divided by LTM adjusted EBITDA corrected for net income attributed to non-
controlling interests. The measure provides useful information about the strength of our financial position aligned to our
bank covenant.
(NOK millions) 2024 2023
Net interest-bearing debt 361 1,189
LTM adjusted EBITDA 1,174 919
Net income attributable to non-controlling interests 10 -44
Leverage ratio 0.3 1.2
Liquidity reserve: Non-restricted cash and available credit facilities in each company where Crayon operates. The
liquidity reserve does not consider any restrictions on cross border cash transfers.
(NOK millions) 2024 2023
Cash & cash equivalents 1,654 1,467
Restricted cash -53 -49
Free available cash 1,601 1,418
Available credit facility 1,918 1,308
Liquidity reserve 3,518 2,726
LTM: Last twelve months.
Net interest-bearing debt (refer to Note 16): Interest bearing debt including leasing less unrestricted cash. Net interest-
bearing debt is a measure of the Group’s net indebtedness that provides an indicator of the overall balance sheet
strength.
Alternative performance measures
169
PERFORMANCE HIGHLIGHTS REPORT FROM OUR BOARD OF DIRECTORSLETTER FROM OUR CEO FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL
STATEMENTS
Profit or loss
Financial position
Cash flow
Changes in equity
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
Note 1 General information
Note 2 Revenue
Note 3 Segment information
Note 4 Payroll and related cost
Note 5 Other operating expenses
and other income and
expenses
Note 6 Share-based compensation
Note 7 Equipment and right-of-use
assets
Note 8 Intangible assets
Note 9 Goodwill
Note 10 Financial income and
expenses
Note 11 Earnings per share
Note 12 Tax
Note 13 Current receivables and
current assets
Note 14 Cash and cash equivalents
Note 15 Equity
Note 16 Interest-bearing debt and
derivatives
Note 17 Other non-current and
current liabilities
Note 18 Financial instruments
Note 19 Financial risk
Note 20 Business combinations
Note 21 Management remuneration
Note 22 Related parties
Note 23 Collateral and guarantees
Note 24 Subsidiaries, associates and
non-controlling interests
Note 25 Largest shareholders,
numbers of shares held by
management and board of
directors
Note 26 Climate-related matters
Note 27 SoftwareOne transaction
Note 28 Subsequent events
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
Net Working Capital: Non-interest-bearing current assets less non-interest-bearing current liabilities. Net Working
Capital gives a measure of the funding required by the operations of the business.
(NOK millions) 2024 2023
Inventory 0 18
Accounts receivable 10,113 7,847
Accounts payable -11,313 -8,753
Trade working capital -1,201 -888
Unbilled gross sales 1,760 1,297
Public duty receivables 545 553
Contract assets 330 253
Prepaid expenses & other 225 220
Income taxes payable -60 -74
Public duties -816 -659
Accruals -1,605 -1,249
Employee benefits related accruals -486 -440
Prepayments & other -166 -135
Other working capital -272 -233
Net working capital -1,473 -1,121
Other income and expenses (refer to Note 5): Other income and expenses consist of M&A expenses and directly related
reorganizations, subsequent adjustment of contingent considerations or other subsequent adjustments in business
combinations including earn-out payments recognized in profit or loss and any other significant non-recurring items.
RCF: Revolving credit facility.
Restricted cash: The amount consists of employee taxes withheld and cash as collateral for bank guarantees.
Trade Working Capital: The net amount of inventory, accounts receivables and accounts payables.
YoY: Year over year, i.e. comparable period (e.g. quarter or YTD) last year.
YTD: Year to date.
